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Social Security Recipients Might Actually Get to Keep Their 2023 Raise
Nasdaq ^ | OCT 2, 2022 | Dan Caplinger

Posted on 10/02/2022 8:38:18 AM PDT by george76

One of the biggest advantages of Social Security is that its payments get annual cost-of-living adjustments (COLAs). When inflation is high -- as seniors have seen during the past couple of years -- these COLAs cause monthly checks to rise the following January to help retiree purchasing power keep pace. 2022's COLA boosted benefits by 5.9% this year, and early estimates make it likely that the COLA that will take effect in early 2023 will be between 8% and 9%.

What's even better news is that, unlike in 2022, many Social Security recipients are more likely to see the full amount of their cost-of-living adjustment actually hit their bank accounts. That's because the impact of another key program for older Americans, Medicare, is likely to reverse the painful blow it dealt participants this time last year.

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The 5.9% COLA that took effect at the beginning of 2022 increased benefits for about 70 million Americans.

...

However, even those who were eligible for those benefits didn't see their actual checks rise that much. That's because the Social Security Administration automatically withholds Medicare premiums for those recipients who have enrolled in Medicare.

In 2022, the increases in Medicare costs for retirees were extremely high. Medicare Part B premiums jumped 12.7% in 2022, from $148.50 in 2021 to $170.10 this year. That took away $21.60 per month out of that $90 average benefit boost.

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much of the increase came from a single factor: the Biogen Alzheimer's drug Aduhelm

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Don't go spending that money just yet..

(Excerpt) Read more at nasdaq.com ...


TOPICS: Extended News; Government; News/Current Events; Politics/Elections
KEYWORDS: 2022election; 2024election; aduhelm; anwr; bidenflation; biogen; cola; colas; creepstate; deepstate; doj; election2022; election2024; fbi; fib; gimmiegimmie; handouts; hh2; inflation; keystonexl; medicare; merrickgarland; opec; policestate; ponzischeme; singlepartystate; socialism; socialsecurity; taxes; welfare
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To: Aria

“… checks were invested in the S&P 500 and not just kept by the government?”

Eh, I believe they spend it. The same pols who know mostly nothing about basic economics as evidenced by their general tendency to never have had a real job and their work on driving the national debt to 31 trillion are allowed to take from the SS funds and spend.

The same people who vote themselves raises, who entitle themselves to exorbitant pensions for serving as little time as conceivable, who don’t stoop to using Obamacare, but have superior medical benefits -


21 posted on 10/02/2022 9:10:11 AM PDT by stanne
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To: stanne

Taxing Social Security was done by a special bipartisan congressional committee in the 80s. I predict we’ll see
another committee after the midterms, if GOP takes the House. The two parties will gang up and bipartisanly cut Social Security by raising taxes or postponing when people can take it (so more people die before eligibility). At the same time, Congress will be able to find money to send overseas in foreign aid and new subsidies to Ukraine. It’s called priorities.


22 posted on 10/02/2022 9:12:41 AM PDT by NeverCheney
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To: abb

FTA: Don Luskin’s apt phrase about “the conspiracy to keep you poor and stupid.”

I thought so. It’s just a slush fund for the thieves in Congress...and they couldn’t resist buying votes for themselves with it.


23 posted on 10/02/2022 9:15:32 AM PDT by Aria
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To: Wuli

I’m thinking this happens when one has withholdings deducted from ones SS benefits. I have witholdings deducted from my pension check, not SS benefits. But since my pension is more than the govt deems me worthy of, I claim 0 dependents so as to cover the taxes owed on my “excess” SS benefits.

....and some people think there is no “means testing”...lol


24 posted on 10/02/2022 9:16:33 AM PDT by Roccus (First we beat the Nazis........Then we defeated the Soviets....... Now, we are them.)
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To: george76

However, the additional benefits may well be eaten up by federal and state income taxes.


25 posted on 10/02/2022 9:17:57 AM PDT by The Great RJ
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To: stanne

I have learned to despise our government and all who support it. They are thieves, liars and I’m sure murderers.


26 posted on 10/02/2022 9:18:17 AM PDT by Aria
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To: NeverCheney

The facts speak for themselves. Equity investing is the single best vehicle for growing wealth in the USA, period. Better than gold, land, or anything else.

As far as whether or not I’m “for” SS is not germane to aria’s question. I’m drawing SS, as is mrs. abb. Neither of us had any choice in the matter on whether to pay SS taxes, as we worked for wages in the private sector.

And yes, it will be with us for the foreseeable future.

Consider FDR’s quote when it was enacted. “With those taxes in there, no damn politician can ever scrap my social security program. Those taxes aren’t a matter of economics, they’re straight politics.”


27 posted on 10/02/2022 9:18:24 AM PDT by abb
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To: SaxxonWoods

I’m thinking of selling two homes... does the cut ever last longer than two years? And does it change what you pay for Medicare?


28 posted on 10/02/2022 9:18:51 AM PDT by GOPJ (STOP "PROCESSING" ILLEGALS. Democrats will use processing as 'documentation' proof.)
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To: kabar

Thanks for that chart
Since I am nowhere near $97,000 AGI, I never knew this.
Just chalk it up to the ignorance of a former wage slave. lol


29 posted on 10/02/2022 9:21:48 AM PDT by Roccus (First we beat the Nazis........Then we defeated the Soviets....... Now, we are them.)
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To: NeverCheney

“ Taxing Social Security was done by a special bipartisan…”

Yea. Bla bla bla.

You cannot give a straight answer to my question. Nor can google.


30 posted on 10/02/2022 9:25:03 AM PDT by stanne
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To: abb

My only point is that Republicans need to take Trumps advice and stop publicly denigrating the program. He said the party will never win the presidency again if it’s candidates don’t stop calling Social Security a Ponzi scheme or a ripoff. Remember that in 2016 he carried states that the GOP had been losing previously, and his pledge to defend Social Security was probably one of the reasons. He didn’t run as a conventional Cheney-McCain-Romney-Paul Ryan Republican


31 posted on 10/02/2022 9:25:16 AM PDT by NeverCheney
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To: Aria

You don’t need to do that. Just understand what these people who are hired/elected to care for and protect the constitution are doing with their positions


32 posted on 10/02/2022 9:26:51 AM PDT by stanne
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To: exnavy

Isn’t there a one time capital gains exemption on your house?


33 posted on 10/02/2022 9:27:42 AM PDT by WKUHilltopper
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To: NeverCheney

Democrats win votes by campaigning on the lie that Republicans want to eliminate Social Security. Republicans need to wise up and not give Dems so much ammunition.


34 posted on 10/02/2022 9:27:55 AM PDT by Freee-dame
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To: george76

Nothing much compared to the 22% pay raise that Congress gave themselves earlier this year.


35 posted on 10/02/2022 9:29:10 AM PDT by Howie66 (Let's Go Brandon!!)
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To: Aria

If you want, you can totally opt out of SS. But, there is no going back.


36 posted on 10/02/2022 9:36:19 AM PDT by wrench
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To: wrench

I didn’t know that...but too late for me.


37 posted on 10/02/2022 9:37:31 AM PDT by Aria
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To: jimwatx

Just an indication of the competition between federal agencies ... in this case between the SSA, CDC and FDA in the War for More Drugs.


38 posted on 10/02/2022 9:38:30 AM PDT by glennaro (Live life unbullied and unafraid. Choose to ignore or fight the irrationality that surrounds you.)
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To: wrench

https://www.investopedia.com/ask/answers/020315/there-any-way-opt-out-paying-social-security.asp


39 posted on 10/02/2022 9:39:07 AM PDT by abb
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To: Freee-dame

What you said.


40 posted on 10/02/2022 9:45:38 AM PDT by NeverCheney
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