Posted on 12/13/2023 11:27:33 PM PST by where's_the_Outrage?
While Social Security is set to increase by 3.2 percent in 2024, many seniors are worried about how the limited inflation adjustment will keep them afloat.
In a new report from Atticus, a majority of seniors voiced dissatisfaction with the cost-of-living adjustment (COLA) for 2024. In total, 62 percent of the 400 Americans over the age of 62 in the survey said they were unhappy with the payment bump.
"About that 3.2 percent COLA increase for 2024, well, it sounds good on paper, but, honestly, it's not quite cutting it for seniors," Christopher Hensley, financial adviser and the president of Houston First Financial Group, told Newsweek.
The concerns are growing, as nearly three in five seniors said they were struggling financially, and 70 percent of single seniors already struggle with their existing Social Security income.
The ramifications of the small COLA boost could be severe, with around two in five seniors saying they plan to seek employment due to the modest increase. For single seniors specifically, 47 percent said they would consider employment to supplement their incomes.
(Excerpt) Read more at newsweek.com ...
Thanks. I haven’t heard of SEP-IRA...If I get my lazy butt out of this chair and back to work, I’ll be prepared to ask about it during an interview.
When it was instituted people could subsist on $20.00 a month too, not live high but subsist. Normal people who lived through the depression without regular jobs were plentiful they were poor through no fault of their own, so they were used to that. People born on third base and think they hit a triple disgust me. Anyone remember what a soldier was paid in WW II? In 1944, privates serving in World War II made $50 a month. E-1 wages were not increased between 1952 and 1958, so Korean War and Vietnam War troops made the same amount of money at the lower ranks -- except inflation over the years drove the real value of the wages down. New soldiers pocketing $78 would have a salary that equates to 642.71 now, while those with over four months of service who pocketed $83.20 were receiving the equivalent of $685.56 in today's dollars.
When
“Interesting statement. It assumes the govt is responsible for our retirement.”
My comment wasn’t assuming anything. It was extreme sarcasm (see link below).
https://www.heritage.org/political-process/report/how-government-policies-discourage-savings
The government is responsible for taxing the literal hell out of everyone to the point that saving for their retirement is difficult, if not impossible. The government is also responsible for spending taxpayer money like drunken sailors in an asian port....causing higher and higher inflation which equates to yet another tax... on everything.
More government is not a solution to anything. If the government would stop interfering, controlling people by their short hairs and essentially screwing things up .... then (and only then) ordinary people might be able to save for their own retirement.
I have plenty of outrage for people like you who I am sure did not wave twenty or thirty years invested in a company that had a great pension plan that was robbed blind by people like you that have it made. Most people never achieve wealth independence for many reasons, some their own fault some not. Medicare supplemental insurance will go up $125.00 a month for me and I could use VA med but choose not to. I am fortunate enough that I will be ok unless the bottom really does fall out then income won't matter unless of course you are super rich.
wrong medicare went up from $164.90 in 2023 to $174.70 in 2024 so $9 and change, didn’t eat the SS increase
Double damn, then.
Tho, I had several employers sigh and say that 7. whatever% is part of my compensation that they have to give to Uncle Sugar...otherwise it would be part of my pay.[I only believed THAT when I was very young...]
You are being very unjust. People can work, save, and plan with great care, but sometimes disasters can destroy the best of plans. I know too many people who did everything right but still lost most of what they had to some awful circumstance. If you don’t experience this or see it in others, you’re fortunate. But victim-blaming isn’t wise or fair.
East Cleveland = Mogadishu (and it’s been like that for decades)
Illegal aliens are getting three times what social security recipients are getting.
That is not correct. If you go back and read the history of social security it was always designed to be a safety net, not a retirement plan.
My daughter moved to western Montana last year. Folks fleeing California have pushed the market there to ridiculous highs. I saw a truck with half a dozen bumper stickers that read, STOP! GO HOME!
In coastal VA our prices are higher from the northerners moving south. The ones who don’t want to go to Florida wind up here or in NC. It’s why we are now purple instead of red.
FReegards, FRiend
If you bash Trump on YouTube, you will rake in the money.
“At least 2 of these cases involve a military retiree that failed to sigh his wife for survivor benefits, what scumbags.”
I take issue with you calling them scumbags. You do not know their financial background when they retired. You do NOT get to judge. I did not sign my spouse up for survivor benefits upon my retirement. She has been taken care of in other ways that provide more for her than a small income from an enlisted survivor retirement benefit. She will be well taken care of if I pass before her (to the tune of a few $M). By your definition I’m a scumbag because I invested the money into her well-being rather than take the cut in retired pay? I don’t think so.
They are meant to keep you from storming the Capitol.
There’s always that. 😆
They also got free phones and plane tickets according to the Arizona sheriff.
There was a photo of an illegal woman who had been flown to Logan Airport. She was flashing a fancy manicure and gold rings. Is our government now providing manicures too?
All of this info is not being broadcasted by the media people see.. It angers me to see what these anti America idiots are doing.. The absolute disdain for doing what is good and right.. They know if the people knew what they are doing.. It would not go well.
We have a communist/socialist government.. Nothing is going well.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.