Another hilarious error in the article is that it referred to Social Security recipients as “fixed income”—ignoring the annual cost of living increases mandated by Congress.
We can debate whether those are adequate or not—but it is factually incorrect to state that retirees are “fixed income”.
Everyone who has a job has a fixed income.
Most private pensions are fixed.
Yes income from SSI and 401k's are not.
It is a "fixed" income. Every time we get a so called "increase" by SS, Medicare steps in and literally takes it away by raising their prices. We may end up with a whopping $11 a month, hardly something to brag about.
Well, it might as well be fixed income. My dear 87 y.o. mother is getting a 3.2% increase in S.S., yet her homeowners association fee is going up in 2024 by 22.9%.
That’s just her HOA, not to mention all the other increases in utilities not covered by the HOA as well as other household expenses to be expected. So, again, the S.S. might as well be fixed, and although welcomed, it’s not very much at all.
We can debate whether those are adequate or not—but it is factually incorrect to state that retirees are “fixed income”.
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I’ve been collecting a ss check every month for the past 16 years and never thought of it as “fixed income” there were two or three 0bama years with no rise and five or six with very small increases. On the whole it is about $900 per month higher than when I started collecting it.
My private pension is the opposite. When I retired my net income from that was “fixed” and my net has decreased, due to the fact that I did not pay any premium for company provided insurance at first. 0bama Care changed that, my premium is $655 per month now, they are my secondary insurer now, after Medicare but I still have two “minor” children and company is their primary provider. 0bama says they are “minors” and must be covered. They are 25 and 23 years old.