S/S increase Prediction

[Michael G.]

Social Security checks could jump 8.6%, expert predicts.


MSN (https://www.msn.com/en-us/money/retirement/social-security-recipients-could-see-biggest-cost-of-living-increase-in-40-years/ar-AAXa2Mj?ocid=msedgntp&cvid=214e28a44dbc40138ab3845392856072)

[rustyp]

Social Security checks could jump 8.6%, expert predicts.


MSN (https://www.msn.com/en-us/money/retirement/social-security-recipients-could-see-biggest-cost-of-living-increase-in-40-years/ar-AAXa2Mj?ocid=msedgntp&cvid=214e28a44dbc40138ab3845392856072)

Happy days are here again!
The skies above are clear again,
Let us sing a song of cheer again,
Happy days are here again!

[Stu from NYC]

And the fund runs out of money that much faster.

[Michael G.]

And the fund runs out of money that much faster.

Yep, If this happen, S/S we will be seeing the end of S/S in our lifetime.

[retiredguy123]

I don't receive Social Security, but it appears that my obscenely high Federal pension will become even more obscene. Pretty soon, they will be paying me more money to do nothing than they paid me to do next to nothing while I was employed. What a system!

[Bogie Shooter]

I don't receive Social Security, but it appears that my obscenely high Federal pension will become even more obscene. Pretty soon, they will be paying me more money to do nothing than they paid me to do next to nothing while I was employed. What a system!

Then it’s true…..

[Michael G.]

Pretty soon, they will be paying me more money to do nothing than they paid me to do next to nothing while I was employed. What a system!

Yep, those are the types of jobs young people want today, employed to do nothing and get paid.

[rustyp]

Yep, those are the types of jobs young people want today, employed to do nothing and get paid.

And some of them are your lawyers, doctors, policemen, firefighters, etc. Oh I left out financial advisor who you will need when S/S runs out of money.

[retiredguy123]

Then it’s true…..
I don't know what that means, but when you hire 10 people to do what 2 people can do, it's difficult to stay busy. I was criticized many times for being too fast and too efficient and making other employees look bad. Not exaggerating.

[RVJim]

I don't know what that means, but when you hire 10 people to do what 2 people can do, it's difficult to stay busy. I was criticized many times for being too fast and too efficient and making other employees look bad. Not exaggerating.

I love these kinds of discussion threads. Somehow someone commenting on a possible SSI increase opens the door for unverifiable humble bragging.

[photo1902]

I love these kinds of discussion threads. Somehow someone commenting on a possible SSI increase opens the door for unverifiable humble bragging.

Minus the humble part

[retiredguy123]

Minus the humble part
Ok, I plead guilty. But, my intention was to inform taxpayers how their tax money is being wasted.

[Stu from NYC]

Yep, If this happen, S/S we will be seeing the end of S/S in our lifetime.

Since people will still be paying into the system they will still be paying out but will not have the funds to pay what we were promised. Last I read is we will get about 74%.

Hopefully they will some things to fix this.

[Bay Kid]

They lowered 88 year old Dad's SS this year. Only reason I got from THEM was medicare and his secondary insurance was increased. BS

[Stu from NYC]

Yes, the gov will give us a supplement and then expect us to be full of gratitude for their "gift" to us. If they would have invested our payroll deduction where we could have increased out investment with interest, AND did NOT give to those that did not contribute, then maybe it would not be dangerously low. We do have a larger group than the Boomer generation that are or will be entering the work force. That is, IF they decide to go to work. That should put funds back into the pot. After all, SS IS a Ponzi scheme. Let's keep those young folks producing babies. We need more in the work force. After all, having babies is good for the economy.

Actually making it harder to get abortions increases the labor force down the road making it easier for SS to stay solvent.

They could have/should have done a better job of setting this up but that ship has sailed. As a matter of fact in the beginning when retirement age was set at 65 most people did not live that long allowing assets to grow. Imagine if individuals did something like that.

[vintageogauge]

I don't know what that means, but when you hire 10 people to do what 2 people can do, it's difficult to stay busy. I was criticized many times for being too fast and too efficient and making other employees look bad. Not exaggerating.

I had the same problem working in unions. I couldn't stand trying to make a 2 hour job last 8 hours so I would help people, I once picked up a broom that was on the floor and put it up agains a wall, had a grievance filed against me for that one, got tossed out on the 89th day of 90 day probations on both of them. Went to non-union and moved right up the ladder as they were getting their money's worth. I realize that unions do some good but not for me and both of those companies closed within a few years, the non-union one is still running strong today and it's still non-union.

[Stu from NYC]

I had the same problem working in unions. I couldn't stand trying to make a 2 hour job last 8 hours so I would help people, I once picked up a broom that was on the floor and put it up agains a wall, had a grievance filed against me for that one, got tossed out on the 89th day of 90 day probations on both of them. Went to non-union and moved right up the ladder as they were getting their money's worth. I realize that unions do some good but not for me and both of those companies closed within a few years, the non-union one is still running strong today and it's still non-union.

Back in the day unions were great for improving working conditions but unfortunately they could never get enough and caused a lot of good companies to go under.

[Love2Swim]

So the thread has gone from bashing Social Security/ government spending to bashing unions. How typical.

[SHIBUMI]

And the fund runs out of money that much faster.

600,000 seniors died from covid, if they got on average 1,500$ a month then there is less liability on the system of 900 million per month, hopefully everyone will experience the increase and not be one of the contributors, stay safe

[biker1]

That only amounts to about 1% of the Social Security Budget.

600,000 seniors died from covid, if they got on average 1,500$ a month then there is less liability on the system of 900 million per month, hopefully everyone will experience the increase and not be one of the contributors, stay safe

[SHIBUMI]

per month

[Nucky]

Ok, I plead guilty. But, my intention was to inform taxpayers how their tax money is being wasted.

I think you have been on TOTV'S long enough to exercise your opinion without being snuffed out by another.

As a matter of fact, I think it's against the rules of the Forum, No? :popcorn:

[biker1]

OK, we can do the math. $900M per month is $10.8B per year and SS spends $1T per year. As I said, it is 1%. Another way to look at it is that there are 65 million on SS. If 600,000 died from the pandemic then that is 1% of the people on SS. Same number. Yet another way to look at it is that 600,000 people died prematurely. If we assume that most would have died anyway from other causes (after all, COVID was picking on those with co-morbidities) over the next 10 years then SS benefits will be decreased by about 0.5% per year, on average, over the next 10 years (assuming a constant death rate) due to COVID.

per month

[Stu from NYC]

So the thread has gone from bashing Social Security/ government spending to bashing unions. How typical.

I think it is called giving an opinion.

[davem4616]

Social Security checks could jump 8.6%, expert predicts.


MSN (https://www.msn.com/en-us/money/retirement/social-security-recipients-could-see-biggest-cost-of-living-increase-in-40-years/ar-AAXa2Mj?ocid=msedgntp&cvid=214e28a44dbc40138ab3845392856072)

that would be nice...

[keepsake]

8.6 on s/s -- then medicare will jump 20% -- we lose no matter what

[Keefelane66]

Starbucks raised prices after reporting a 31% increase in profits.

Same with Tyson, who posted $1 billion in profits last quarter — a 48% increase from the first quarter of 2021.

Get the picture?

[SHIBUMI]

when has social security ever decreased?

[Stu from NYC]

when has social security ever decreased?

Probably never

[thevillages2013]

And the fund runs out of money that much faster.

Yep, I have been predicting for the last 20 years that by the time I am eligible for retirement the date will be moved. I’m a month from 59 and I still say there is no way 62 will be the retirement age when it’s my turn

[thevillages2013]

So the thread has gone from bashing Social Security/ government spending to bashing unions. How typical.

It’s just truth being expressed or a lesson in history. Either way a learning opportunity

[RVJim]

8.6 on s/s -- then medicare will jump 20% -- we lose no matter what

It’s a ponzi scheme. You never lose when you (we) are getting a handout.

I earned my pension. SSI is a pyramid scheme of handouts.

[Stu from NYC]

It’s a ponzi scheme. You never lose when you (we) are getting a handout.

I earned my pension. SSI is a pyramid scheme of handouts.

Has it faults but lots of folks depend upon it

[Garywt]

That will be nice but 7 months to go…

[Garywt]

It’s a ponzi scheme. You never lose when you (we) are getting a handout.

I earned my pension. SSI is a pyramid scheme of handouts.

Here comes RVJim again, everyone sit down and listen.

[Timothyimitchell]

Starbucks raised prices after reporting a 31% increase in profits.

Same with Tyson, who posted $1 billion in profits last quarter — a 48% increase from the first quarter of 2021.

Get the picture?

Opportunists

[Timothyimitchell]

It’s a ponzi scheme. You never lose when you (we) are getting a handout.

I earned my pension. SSI is a pyramid scheme of handouts.

The whole financial system is one big Ponzi scheme.

[rustyp]

That will be nice but 7 months to go…

Actually the calculation to determine if there is a raise and how much is based solely on the inflation rate data from July Aug and Sept.

[Bay Kid]

when has social security ever decreased?

This year for my 88 year old Dad.

[rustyp]

This year for my 88 year old Dad.

Any explanation ?

[retiredguy123]

They lowered 88 year old Dad's SS this year. Only reason I got from THEM was medicare and his secondary insurance was increased. BS
The Medicare Part B premium increased, but, unless he was affected by IRMA, the Social Security income increase should have more than covered the extra premium. Any secondary insurance premium that he has is not deducted from his SS check unless he has set up an automatic payment to the secondary insurance company. That premium does not go to Medicare. I would contact the secondary insurance company and get a statement of the premium increase. Another possibility is that he was on Medicaid and they were paying his Part B premium, and he lost his eligibility for Medicaid. Just my thoughts.

[rustyp]

This year for my 88 year old Dad.

The Medicare Part B premium increased, but, unless he was affected by IRMA, the Social Security income increase should have more than covered the extra premium. Any secondary insurance premium that he has is not deducted from his SS check unless he has set up an automatic payment to the secondary insurance company. That premium does not go to Medicare. I would contact the secondary insurance company and get a statement of the premium increase. Another possibility is that he was on Medicaid and they were paying his Part B premium, and he lost his eligibility for Medicaid. Just my thoughts.

Another possibility is your Dad tripped an income level point. At 88 Dad had to take a RMD of over 7%. That is reported as income. The first Medicare trip point is $91000 single filer. Over the $91K level the premium goes from $170/mo to $238. More than enough to eat up the 2022 SS raise.

[retiredguy123]

Another possibility is your Dad tripped an income level point. At 88 Dad had to take a RMD of over 7%. That is reported as income. The first Medicare trip point is $91000 single filer. Over the $91K level the premium goes from $170/mo to $238. More than enough to eat up the 2022 SS raise.
That would be the IRMAA law.

[vintageogauge]

8.6 on s/s -- then medicare will jump 20% -- we lose no matter what

Amen to that and the supplements and prescriptions will go up also, we'll definitely lose.

[Stu from NYC]

The whole financial system is one big Ponzi scheme.

The entire system? Seriously?

Investing with a bit of knowledge and not being greedy is how one gets ahead investing in the long run.

[Michael G.]

That would be the IRMAA law.

income-related monthly adjustment amount

The income-related monthly adjustment amount (IRMAA) sliding scale is a set of statutory percentage-based tables used to adjust Medicare Part B and Part D prescription drug coverage premiums. The higher the beneficiary's range of modified adjusted gross income (MAGI), the higher the IRMAA.Dec 6, 2021

[Michael G.]

The entire system? Seriously?

Investing with a bit of knowledge and not being greedy is how one gets ahead investing in the long run.

Yeah, now go educate the young people about that.

[rustyp]

income-related monthly adjustment amount

The income-related monthly adjustment amount (IRMAA) sliding scale is a set of statutory percentage-based tables used to adjust Medicare Part B and Part D prescription drug coverage premiums. The higher the beneficiary's range of modified adjusted gross income (MAGI), the higher the IRMAA.Dec 6, 2021

Isn't google wonderful.

And for the rest of the story:

SSA - POMS: HI 01101.020 - IRMAA Sliding Scale Tables - 12/06/2021 (https://secure.ssa.gov/poms.nsf/lnx/0601101020#:~:text=The%20income-related%20monthly%20adjustment%20amount%20%28IRMAA %29%20sliding%20scale,the%20IRMAA.%20There%20are%2 0three%20sets%20of%20tables).

[Stu from NYC]

Yeah, now go educate the young people about that.

Taught our kids and soon will be the grandkids turn. 11 year old already has small business washing cars.

[Topspinmo]

Yep, If this happen, S/S we will be seeing the end of S/S in our lifetime.


Only because the stole money over the years and pass it out like candy to people under 62.

[Nucky]

There are many people (not me) who worked for cash their entire life. Maybe part of their life was legit and on the books. Their SS check is not too much, hence their raise is BS and when the extra money for Medicare comes off the top, BINGO. Upsidedown.

I'll bet you it was a thrill getting over and not paying any taxes for most of your life. Sooner or later the score is going to be evened up!

If I had it to do all over again I would say forget being a Manager. I would like to be the one taking orders and without a doubt, I would be a Union member. My kids are cleaning up as Union Members. You wouldn't believe it. $$$$$$$$$$$

[Stu from NYC]

There are many people (not me) who worked for cash their entire life. Maybe part of their life was legit and on the books. Their SS check is not too much, hence their raise is BS and when the extra money for Medicare comes off the top, BINGO. Upsidedown.

I'll bet you it was a thrill getting over and not paying any taxes for most of your life. Sooner or later the score is going to be evened up!

If I had it to do all over again I would say forget being a Manager. I would like to be the one taking orders and without a doubt, I would be a Union member. My kids are cleaning up as Union Members. You wouldn't believe it. $$$$$$$$$$$

Union jobs can pay very well but way to many companies have gone under giving up control to their unions. This includes the company I worked for in my youth.

[Rodneysblue]

I don't know what that means, but when you hire 10 people to do what 2 people can do, it's difficult to stay busy. I was criticized many times for being too fast and too efficient and making other employees look bad. Not exaggerating.

Been there , heard the same.

[Nucky]

Union jobs can pay very well but way to many companies have gone under giving up control to their unions. This includes the company I worked for in my youth.

I get it. It does happen.

The local that represented the drivers at my company had some kind of accounting malfunction and when the second guy went to retire after approximately 45 years with the company the funds were no where to be found.

I understand that when foul play is the reason that there is a way the government helps out those who got hammered. I got that spaination from one of the drivers so I don’t know that it is a fact.

I’d take my chances still. Union. Can’t believe I have done a complete turn around on my view.

[Michael G.]

My brother was a union man, (I never was in one), but I remember him saying:

"If all companies were honest, we wouldn't need unions."

I wouldn't know that for sure. :shrug:

[Timothyimitchell]

The entire system? Seriously?

Investing with a bit of knowledge and not being greedy is how one gets ahead investing in the long run.

Dead serious. And it's about ready to crash and expose itself as just that

[Stu from NYC]

Dead serious. And it's about ready to crash and expose itself as just that

Time will tell

[biker1]

Doubtful. First of all, 62 is not the retirement age. It is, however, the earliest you can take benefits at a reduction, a fairly substantial reduction. The full retirement age is between 65 and 67 depending on your age. You are old enough that it is doubtful that your full retirement age, or the age you can start taking reduced benefits, will change. I suspect the full retirement age will be gradually raised for younger people, similar to what was implemented in the last reform in 1983. Other possible reforms could be a change in the COLA calculation, an increase in the SS tax, and an elimination of the earnings ceiling for paying SS tax. Another possibility, which I would deem very unlikely, is means testing.

Yep, I have been predicting for the last 20 years that by the time I am eligible for retirement the date will be moved. I’m a month from 59 and I still say there is no way 62 will be the retirement age when it’s my turn

[Stu from NYC]

Doubtful. First of all, 62 is not the retirement age. It is, however, the earliest you can take benefits at a reduction, a fairly substantial reduction. The full retirement age is between 65 and 67 depending on your age. You are old enough that it is doubtful that your full retirement age, or the age you can start taking reduced benefits, will change. I suspect the full retirement age will be gradually raised for younger people, similar to what was implemented in the last reform in 1983. Other possible reforms could be a change in the COLA calculation, an increase in the SS tax, and an elimination of the earnings ceiling for paying SS tax. Another possibility, which I would deem very unlikely, is means testing.

Another reform which I would favor is raising the age for collecting. We are all living longer and now less people are available to pay into the system. Not to mention there is a shortage of workers.

[Michael G.]

Another reform which I would favor is raising the age for collecting. We are all living longer and now less people are available to pay into the system. Not to mention there is a shortage of workers.

Makes sense to me, now go to Washington and tell them for the both of us. :thumbup:

[Stu from NYC]

Makes sense to me, now go to Washington and tell them for the both of us. :thumbup:

Unfortunately their are too many vested interests that would never go for this.

[thevillages2013]

Taught our kids and soon will be the grandkids turn. 11 year old already has small business washing cars.

I love that! Awesome.:ho:

[thevillages2013]

Doubtful. First of all, 62 is not the retirement age. It is, however, the earliest you can take benefits at a reduction, a fairly substantial reduction. The full retirement age is between 65 and 67 depending on your age. You are old enough that it is doubtful that your full retirement age, or the age you can start taking reduced benefits, will change. I suspect the full retirement age will be gradually raised for younger people, similar to what was implemented in the last reform in 1983. Other possible reforms could be a change in the COLA calculation, an increase in the SS tax, and an elimination of the earnings ceiling for paying SS tax. Another possibility, which I would deem very unlikely, is means testing.

The break even point for me when comparing the reduced benefits at 62 compared to full retirement at 67 is at 79 years old. I’m rolling with 62 if things don’t change by then

[Stu from NYC]

I love that! Awesome.:ho:

People appreciate money more when they work for it.

[Djean1981]

If we the U.S. can send BILLIONS overseas, we should be able to fund seniors..

[Boomer]

We just finished watching “The Big Conn” on Apple TV.

It is a 4 episode docuseries about an East Kentucky lawyer, Eric Conn, who scammed Social Security out of 550 Million dollars. True story. Awful mess.

Boomer

[biker1]

Regardless of when people, on average, start taking their benefit (age 62-70), SS will pay out the same amount. On average, people die at approximately age 79. The crossover point is 79 for everyone. One possible way to impact this is to take your benefit at age 62 and invest the money. Depending on your return, the crossover point could be pushed out past age 79. This is really a great feature of SS because you can decide, based partly on your health and family longevity, when to start your benefit. Based on family history, I will start at age 70 unless I develop some health issues.

The break even point for me when comparing the reduced benefits at 62 compared to full retirement at 67 is at 79 years old. I’m rolling with 62 if things don’t change by then

[davem4616]

Social Security checks could jump 8.6%, expert predicts.


MSN (https://www.msn.com/en-us/money/retirement/social-security-recipients-could-see-biggest-cost-of-living-increase-in-40-years/ar-AAXa2Mj?ocid=msedgntp&cvid=214e28a44dbc40138ab3845392856072)



When it comes to experts and the government I've learned to not count my chickens until they've hatched

the so called experts aren't always correct....most recent example, Ukraine was going to fall in 3 weeks