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.
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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 ...
much of the increase came from a single factor: the Biogen Alzheimer’s drug Aduhelm
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A perfect example of the corruption that is the FDA. An exorbitantly expensive drug to treat Alzheimer’s and the drug does not work. It does make a boatload of money, however.
The chart that you posted actually shows the Medicare premiums for 2023 based on 2021 income. Note the premiums are based on Modified Adjusted Gross Income not taxable income.
Here's a link to the CMS.gov website.
Thanks for posting.
p
Yes, if you have “too much” income, it will raise your Medicare premiums. It’s called IRMAA. My mother is getting clobbered by it.
Lots of really stupid people in government now a days... odd?
Could be because merit’s no longer a prerequisite for DC employment. “<ight need two more trans in the office, 6 people of color and 4 more Hispanic gays.” Anyone got cousins who fit the bill?
Must have been a rental property.
Well if you opt out of SS doesn’t that mean you are not allowed Medicare?
Huh! That would be refreshing. Yes, I got a 5.9% SSA increase in 2022, but I got about a 17% increase in Medicare premium. As a new retiree, I figured that was probably par for the course given this government’s proclivities and ineptitude. It’s nice to hear things might be different in 2023.
Thanks for posting the link. I’m thinking about doing our coverage a little different this year to try to cut down on my prescription deductible.
I’m 72 and still working. I don’t understand why SS taxes are taken from my paycheck since I collect SS each month. Makes no sense. I was told by Payroll that I HAVE to pay into SS if I’m working.
What many may not realize in addition to the means testing of Medicare premiums for parts B and D, is that the premiums for these programs cover, by law, only 25% of the actual costs. The other 75% comes from the General Fund. As a result, 40% of all Medicare expenditures come from the General Fund. With 10k baby boomers reaching 65 every day until 2030, Medicare expenses will consume an increasing percentage of the General Fund.
The Medicare Trust Fund (HI) will be exhausted in 2028 or 2030 depending upon whose estimate you use, i.e., Trustees vs CBO. Thus Part A benefits will be reduced, by law, to revenue received. Medicare is unsustainable as currently structured.
That is correct
You can blame Clinton for the tax Social Security. But don’t forget Reagan did the tax on Unemployment payments.
tax ON Social Security
Mine went up $14...starting this month. Waiting to see if Part D goes up...
10 or 15 years ago, Heritage Foundation had a calculator that told you the rate of return you would receive from your SS confiscations... Mine was -1.5%.
Then I realized there was little I could do anyway, so I just planned like SS wouldn't be there when I retired...
Amazingly, it was. I enjoy getting the deposits anyway.
Reagan got his arm twisted way too much
Saxxon
Yeah. Sucks. I think you got hammered by some Medicare price adjustment rule.
That is a real eye-opener when it happens.
I guess you also got screwed with the Net Investment Income Tax at 3.8% of some capital gains.
Do you feel like you get raped over and over?
It is tragic on an epic scale.
👍
How much Biogen does Biden have to take, and why can’t the dems cover it under their private plan?
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