Social Security 2023 COLA to be announced Oct 13th

[HandyGrandpap]

As an FYI, Social Security 2023 COLA to be announced Oct 13th

[tophcfa]

As an FYI, Social Security 2023 COLA to be announced Oct 13th

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

[dewilson58]

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

:bigbow:

[Stu from NYC]

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

Sad but true, they just kick the can down the road.

Actually it will not become insolvent they will just reduce the payments.

[golfing eagles]

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

And how much the Medicare premium will eat up the COLA????

[jdulej]

Sad but true, they just kick the can down the road.

Actually it will not become insolvent they will just reduce the payments.

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

[jdulej]

And how much the Medicare premium will eat up the COLA????

I think I read somewhere that the medicare premium is actually going down a little because it was raised too much last year. (I could be wrong on that one - too lazy this morning to check)

[TNLAKEPANDA]

As an FYI, Social Security 2023 COLA to be announced Oct 13th

It needs to be like 15% :boom:

[pauld315]

While the increase is needed due to runaway inflation, it is a terrible benefit for us because it is based on inflation. I would much prefer what we have had for many years, small or no increases and an economy that is thriving. Nothing to celebrate here.

[golfing eagles]

It needs to be like 15% :boom:

Don't hold your breath

[jdulej]

While the increase is needed due to runaway inflation, it is a terrible benefit for us because it is based on inflation. I would much prefer what we have had for many years, small or no increases and an economy that is thriving. Nothing to celebrate here.

Some would argue that a thriving economy expects and depends on occasional resets via corrections and/or recessions. We do seem to be getting better at limiting the hardships caused by them, which is good.

[Caymus]

Resorts say 8.7%

[jdulej]

I think I read somewhere that the medicare premium is actually going down a little because it was raised too much last year. (I could be wrong on that one - too lazy this morning to check)

Okay, I checked and indeed, the premiums are going down. From CMS.gov

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.

[Byte1]

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

[Bay Kid]

I think I read somewhere that the medicare premium is actually going down a little because it was raised too much last year. (I could be wrong on that one - too lazy this morning to check)

My 89 year old Dad's SS was reduced this year because of the medicare cost.

[dewilson58]

the younger generation that is subsidizing

Not subsidizing mine................still haven't gotten everything I paid in.

:)

[collie1228]

An 8.7% increase in Social Security may be fine for some, but those of us who earned a pension from a business are now losing over 8% annually with the current inflation. Today's CPI release said annual core inflation "has eased from 8.3% to 8.2%". It won't take long for our pensions to be worthless at that rate. And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending. Oh, and the Dow is down over 500 points at the moment. Hang on, if you can.

[tophcfa]

And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending.

Unsustainable addictions never end pretty. Government (and society) is hopelessly addicted to both debt and spending, the hyper inflation being experienced is a symptom of these addictions. Spending is a good thing when it is done responsibly and within one’s means, but is extremely dangerous when it is continuously financed with debt.

[birdawg]

I think I read somewhere that the medicare premium is actually going down a little because it was raised too much last year. (I could be wrong on that one - too lazy this morning to check)your right will be getting back

[Byte1]

An 8.7% increase in Social Security may be fine for some, but those of us who earned a pension from a business are now losing over 8% annually with the current inflation. Today's CPI release said annual core inflation "has eased from 8.3% to 8.2%". It won't take long for our pensions to be worthless at that rate. And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending. Oh, and the Dow is down over 500 points at the moment. Hang on, if you can.

Didn't we hear that spending trillions will stop inflation.....:D

[dewilson58]

Didn't we hear that spending trillions will stop inflation.....:D

We heard.............about 1/2 of "us" believed. :oops:

[Rainger99]

I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

I admire your altruism. I am just hoping that Social Security lasts long enough for me to benefit!!

[charlieo1126@gmail.com]

My 89 year old Dad's SS was reduced this year because of the medicare cost. that’s not supposed to happen SS calls it hold harmless or something like that when Medicare goes up it protects you from a decrease, most people will pay the regular premium because because the higher premium will cover the cost , my SS check has been $128 for as long as I can remember and at 83 I don’t remember how much I remember , but any way premium goes up or down I’m still getting $128 a month

[tophcfa]

Didn't we hear that spending trillions will stop inflation.....:D

How stupid do they think we are? Let’s call a massive spending bill the “Inflation Reduction Act”.

[ThirdOfFive]

How stupid do they think we are? Let’s call a massive spending bill the “Inflation Reduction Act”.
The answer is "very".

Oh--and there are never massive spending bills. They are "investments", usually to benefit "the Childerrrrrrrrrrrrrrrrrrrrrrn".

[Boomer]

There will be circumstances where this SS increase could cause some Medicare recipients to need to be aware of the possibility of getting hit by IRMAA (Income-Related Monthly Adjusted Amount) if the 2023 AGI crosses IRMAA’s threshold(s).

But for those of RMD age and holding in the market, it is likely that the RMD will be less, so that could create a buffer zone.

IRMAA does not get everybody, but it can pay to be aware because crossing that income threshold means you’re going to pay more for Medicare — and it’s an in or out situation. IRMAA has gotcha once you cross that income line, and you then get hit with the premium increase 2 years later.

If charitably inclined and of RMD age, IRMAA possibly can be dodged by using QCDs as part of the RMD. QCDs do not show up as AGI.

If you are bringing in a tidy retirement income, or making a cap gain taxable profit on the sale of a secondary residence, or have sold stock outside of an IRA or Roth — and you have never heard of IRMAA — you might want to do a little homework — just in case.

Sometimes it could be just an all-in year and it’s worth paying IRMAA. But if the AGI crosses that line by even a small amount, IRMAA will get you just the same — and that probably is not worth it when a QCD could rescue you from IRMAA.

If you think I could be talking about you, but you are not sure, it could be worth doing a little income projecting to see if IRMAA is lurking in your future.

Boomer


PS: Note to Bay Kid who posted about the reduction in SS for a parent: I am wondering if that reduction was due to IRMAA. (Not my business, just a thought)

[Stu from NYC]

My 89 year old Dad's SS was reduced this year because of the medicare cost.

The cost of medicare is deducted from the SS you receive each month, age does not matter.

[golfing eagles]

We heard.............about 1/2 of "us" believed. :oops:

Unfortunately, there is one key person who believed

[55&Out]

Who remembers the great returns the Fidelity Magellan mutual fund provided in the 1980's? Now fast forward to 2023, looks like the gov't has plans to take some of that money back. Merry Xmas boomers!

[charlieo1126@gmail.com]

The cost of medicare is deducted from the SS you receive each month, age does not matter.again your check won’t decrease ( hold harmless)

[Rainger99]

The federal governments interest payments are going up drastically in fiscal year 2023.

Interest payments are estimated to be $580 billion this fiscal year, up from $399 billion in fiscal year 2022.

That would bring the total interest cost in 2023 to roughly the same level as the federal government’s 2022 budget for Medicaid.

[jdulej]

An 8.7% increase in Social Security may be fine for some, but those of us who earned a pension from a business are now losing over 8% annually with the current inflation. Today's CPI release said annual core inflation "has eased from 8.3% to 8.2%". It won't take long for our pensions to be worthless at that rate. And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending. Oh, and the Dow is down over 500 points at the moment. Hang on, if you can.

Dow is up over 500 pts right now. These short terms swings mean nothing.

[kkingston57]

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

Even if they reduced the % people paid when they reached the cap it would help. For example if the cap was at $150,000 people would only pay 2% for any income over 150K.

[kkingston57]

And how much the Medicare premium will eat up the COLA????

Per SSA.gov site Medicare is expected to cost less in 2023. Saw this on 10/13. Will not make much of a difference, but may happen.

[OrangeBlossomBaby]

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

I supported the people who started getting it before I did, and I never had any complaint about doing so. Helping the elderly and disabled survive is a small price to pay, to be a contributing member of society. And next year it'll be my turn to start collecting. I'm a happy participant.

Anyone who doesn't feel they need their check, is more than welcome to cash it and stick the cash in my mailbox. I'll put it to good use.

[Garywt]

I supported the people who started getting it before I did, and I never had any complaint about doing so. Helping the elderly and disabled survive is a small price to pay, to be a contributing member of society. And next year it'll be my turn to start collecting. I'm a happy participant.

Anyone who doesn't feel they need their check, is more than welcome to cash it and stick the cash in my mailbox. I'll put it to good use.

Since I had to leave work for a disability I need all of my check and look forward to a nice increase in January.

[Caymus]

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

Congress made a major change to the program in 1983 to keep it "solvent". What knowledge do you have that indicates they won't again?

[mike234]

The federal governments interest payments are going up drastically in fiscal year 2023.

Interest payments are estimated to be $580 billion this fiscal year, up from $399 billion in fiscal year 2022.

That would bring the total interest cost in 2023 to roughly the same level as the federal government’s 2022 budget for Medicaid.
isn't this increase that many are celebrating, an obvious indication that this country is in dire straights?

[Stu from NYC]

Congress made a major change to the program in 1983 to keep it "solvent". What knowledge do you have that indicates they won't again?

At some point they will have to as the system will not support current levels of payment without running out of funds.

However this should have been done years ago and the longer they kick the can the more drastic changes will have to be.

There is no doubt that they will have no choice to change the system and reducing payment will mean lots of congressman will need to find new lines of work.

[Caymus]

At some point they will have to as the system will not support current levels of payment without running out of funds.

However this should have been done years ago and the longer they kick the can the more drastic changes will have to be.

There is no doubt that they will have no choice to change the system and reducing payment will mean lots of congressman will need to find new lines of work.

They will most likely increase payroll and employer taxes and the wages subject to the higher rates. Any reduced payments will probably only apply to "rich" people. (the kind that can afford to live in The Villages:jester:)

[Stu from NYC]

They will most likely increase payroll and employer taxes and the wages subject to the higher rates. Any reduced payments will probably only apply to "rich" people. (the kind that can afford to live in The Villages:jester:)

Or increase the full retirement age to 75 or so. They should have done this awhile ago.

It was to be a govt funded pension system not a system of wealth transfer.

[tophcfa]

It was to be a govt funded pension system not a system of wealth transfer.

It’s not Government funded, it’s funded by FICA taxes taken out of working peoples pay checks. If I didn’t have to pay FICA taxes my whole working career, and instead was able to keep and invest those funds I earned, I would have more money saved than I will ever get paid in Social Security checks.

[eweissenbach]

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

The younger generation should have to pay none of our SS benefit. Had our contributions been wisely invested and kept in a secure fund with no opportunity to be raided for other purposes, there would be plenty of money to pay our benefits.

[Nucky]

Since I had to leave work for a disability I need all of my check and look forward to a nice increase in January.

I'm in the same boat. I would spit chicklets to be able to be working at my old profession. I felt so much more useful. I've been out of action for nearly 8 years and have only recently grasped the concept that my working life is truly over. I'm stubborn, very stubborn and didn't want to give in to the idea of giving up.

My Doctor almost had a baby when he found out from a family member that I was still at my job almost 6 weeks after he told me I was risking paralysis if I didn't quit immediately. I got a visit from the Doctor at my home and he gave me a New Jersey Inspirational Speech in front of my wife and one son. Needless to say I call out sick the next day and that set off other alarms at my job because that had never happened before. Another home visit from my boss and sub-boss, his son. I tried to skate and didn't reveal to them what my Doctor had told me thinking that by some kind of miracle things might change. I felt like trash not being able to contribute to my family and to society.

After about 5 years of trying to figure this out on my own and all the while knowing I needed professional help I finally had the good fortune to speak with a Psychologist in The Village Health Care System. What a great person this Doctor was. She helped me to see that it wasn't my choice and that I should let myself off the hook so to speak.

I am grateful for the raise. It is always a good thing to have a couple more bucks in the kick. We were lucky to have some real estate to sell in $$ Jersey $$ before we got here to heaven on earth. 2.7%, 6.7%, 8.7% any of them are good for me. I'm not greedy. I'm living a better life here in Th Villages than I did when I was working around the clock to keep all the balls up in the air in N.J. As it turns out I think I'll stay grateful for everything and be happy with whoever is in power and just live my life and that's that! Life is good. :clap2:

As far as the future SS benefits you know that at the last minute both parties will come together with the solution and things will roll along just as they are now. There will be no going backwards money wise for the American people. Especially since we are the ones who put the money into the program. We should be the ones drawing it out. I guess we'll have to stop helping other countries so much and concentrate on us. Maybe the Bigwigs should talk to that lady at The Villages Healthcare System. I'm sure she could help them to.

[Chi-Town]

I remember people complaining when there was no increase. Same people complained the interest rates were too low So just be happy with a nice bump.

[Garywt]

I'm in the same boat. I would spit chicklets to be able to be working at my old profession. I felt so much more useful. I've been out of action for nearly 8 years and have only recently grasped the concept that my working life is truly over. I'm stubborn, very stubborn and didn't want to give in to the idea of giving up.

My Doctor almost had a baby when he found out from a family member that I was still at my job almost 6 weeks after he told me I was risking paralysis if I didn't quit immediately. I got a visit from the Doctor at my home and he gave me a New Jersey Inspirational Speech in front of my wife and one son. Needless to say I call out sick the next day and that set off other alarms at my job because that had never happened before. Another home visit from my boss and sub-boss, his son. I tried to skate and didn't reveal to them what my Doctor had told me thinking that by some kind of miracle things might change. I felt like trash not being able to contribute to my family and to society.

After about 5 years of trying to figure this out on my own and all the while knowing I needed professional help I finally had the good fortune to speak with a Psychologist in The Village Health Care System. What a great person this Doctor was. She helped me to see that it wasn't my choice and that I should let myself off the hook so to speak.

I am grateful for the raise. It is always a good thing to have a couple more bucks in the kick. We were lucky to have some real estate to sell in $$ Jersey $$ before we got here to heaven on earth. 2.7%, 6.7%, 8.7% any of them are good for me. I'm not greedy. I'm living a better life here in Th Villages than I did when I was working around the clock to keep all the balls up in the air in N.J. As it turns out I think I'll stay grateful for everything and be happy with whoever is in power and just live my life and that's that! Life is good. :clap2:

As far as the future SS benefits you know that at the last minute both parties will come together with the solution and things will roll along just as they are now. There will be no going backwards money wise for the American people. Especially since we are the ones who put the money into the program. We should be the ones drawing it out. I guess we'll have to stop helping other countries so much and concentrate on us. Maybe the Bigwigs should talk to that lady at The Villages Healthcare System. I'm sure she could help them to.

I hear you on this. When I was first sick my doctor encouraged me to work and I definitely wanted to be working. Fast forward 5 years and I was out sick for 7 months. I was weaker, my mind was gone and the job kind of passed me by. Talked to my doctor about retiring and he agreed 100%. I try to keep busy, need more time in The Villages but my wife is still working.

[Stu from NYC]

It’s not Government funded, it’s funded by FICA taxes taken out of working peoples pay checks. If I didn’t have to pay FICA taxes my whole working career, and instead was able to keep and invest those funds I earned, I would have more money saved than I will ever get paid in Social Security checks.

Your right sorry for my error.

[Stu from NYC]

Congress made a major change to the program in 1983 to keep it "solvent". What knowledge do you have that indicates they won't again?

At some point they have to but the longer they wait to do this the harder the change will be.

[Stu from NYC]

The younger generation should have to pay none of our SS benefit. Had our contributions been wisely invested and kept in a secure fund with no opportunity to be raided for other purposes, there would be plenty of money to pay our benefits.

Your 100% correct that is how they should have handled the money. Instead they started with a system of full retirement at 65. However at that time few of us lived that long so people paid in and many got nothing back letting the funds in the system grow.

Now many of us are collecting and a smaller and smaller percentage of people working are supporting us making the system unstable.

[retiredguy123]

Or increase the full retirement age to 75 or so. They should have done this awhile ago.

It was to be a govt funded pension system not a system of wealth transfer.
The way the system works is that low income workers receive more money in retirement than they contributed, and high income workers receive less money in retirement than they contributed. In that sense, it is a wealth transfer system. The Social Security system payout formula was designed that way and has always operated that way. Also, high income retirees are required to pay income tax on their benefits, but low income retirees receive their benefits tax free.

[NoMo50]

Social Security was never meant to be a direct income replacement for retirees. Kind of like how minimum wage jobs were never truly seen as a career path. I am for self sufficiency. Those of us who were fortunate enough to have worked for 50 or so years should have been responsible enough to plan for the eventuality we all face. Obviously, there are people who, through no fault of their own, were not able to do that. But, for the majority of folks in our age bracket, they should have been planning for their retirement a long time ago. No one will be able to enjoy a lifestyle they had during their working years on Social Security alone. It was never meant to work that way. If someone failed to adequately fund their own income stream for retirement, it's a little late to change it now.

At my retirement party from my previous, long time job, my boss asked me if I had any advice for a group of young new hires. He was thinking I might offer some tips related to the work. Instead, my advice was simple: Put money away every month until it hurts. Consider that money spent, and never touch it. You'll thank me in 30 years.

[tuccillo]

You can certainly debate whether the program should have been setup differently, for example a system where the money is actually in an account with your name attached vs. the pay as you go approach. However, to suggest that the money was raided doesn't tell the whole story. Money collected in excess of benefits paid (and subsequently spent to fund Government operations) was actually credited to the SS Trust Fund. This Trust Fund is invested in a special form of Government Treasuries and does earn a return each year. The Government is essentially prohibited from investing the excess FICA taxes in anything other than this special form of Government Treasuries. It's current value is just shy of $3 trillion. This $3 trillion in Treasures is just starting to be cashed in and the balance will go to zero over the next 12 years or so as benefits paid exceed FICA taxes collected. Once the SS Trust Fund is exhausted, benefits will be reduced by 20-25%. The cashing in of the SS Trust Fund will be funded by issuing new debt. Sigh ...The real problem is the Government chooses to spend more than they take in from taxes, of any kind. I believe the FICA tax rate should have been adjusted annually so that taxes coming in equals the benefits paid out rather than "collect" the excess in the SS Trust Fund, which is just a promise to issue more debt in the future. SS needs some adjustments, just as it did in the early 1980. The inability of Congress to address this issue is another serious problem. And so we go round and round ...

The younger generation should have to pay none of our SS benefit. Had our contributions been wisely invested and kept in a secure fund with no opportunity to be raided for other purposes, there would be plenty of money to pay our benefits.

[Caymus]

You can certainly debate whether the program should have been setup differently, for example a system where the money is actually in an account with your name attached vs. the pay as you go approach. However, to suggest that the money was raided is a bit misleading. Money collected in excess of benefits paid (and subsequently spent to fund Government operations) was actually credited to the SS Trust Fund. This Trust Fund is invested in a special form of Government Treasuries and does earn a return each year. The Government is essentially prohibited from investing the excess FICA taxes in anything other than this special form of Government Treasuries. It's current value is just shy of $3 trillion. This $3 trillion in Treasures is just starting to be cashed in and the balance will go to zero over the next 12 years or so as benefits paid exceed FICA taxes collected. The cashing in of the SS Trust Fund will be funded by issuing new debt. Sigh ...The real problem is the Government chooses to spend more than they take in from taxes, of any kind. And so we go round and round ...

How much is paid in the form of SSI (AKA Crazy Checks)?

[tuccillo]

Google is your friend.

Monthly Statistical Snapshot, September 2022 (https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/)

How much is paid in the form of SSI (AKA Crazy Checks)?

[charlieo1126@gmail.com]

It’s not Government funded, it’s funded by FICA taxes taken out of working peoples pay checks. If I didn’t have to pay FICA taxes my whole working career, and instead was able to keep and invest those funds I earned, I would have more money saved than I will ever get paid in Social Security checks. and what if you had been hurt on the job in your 30’S or 40’s and could not work anymore or God forbid you died, the SSI would come in handy or the SS for your family if deceased. There are many on here that think everyone on SSI or Medicaid are faking or lazy , that couldn’t be farther from the truth , it a lifeline that with some bad luck could have landed all of us on one of these programs

[Stu from NYC]

You can certainly debate whether the program should have been setup differently, for example a system where the money is actually in an account with your name attached vs. the pay as you go approach. However, to suggest that the money was raided doesn't tell the whole story. Money collected in excess of benefits paid (and subsequently spent to fund Government operations) was actually credited to the SS Trust Fund. This Trust Fund is invested in a special form of Government Treasuries and does earn a return each year. The Government is essentially prohibited from investing the excess FICA taxes in anything other than this special form of Government Treasuries. It's current value is just shy of $3 trillion. This $3 trillion in Treasures is just starting to be cashed in and the balance will go to zero over the next 12 years or so as benefits paid exceed FICA taxes collected. Once the SS Trust Fund is exhausted, benefits will be reduced by 20-25%. The cashing in of the SS Trust Fund will be funded by issuing new debt. Sigh ...The real problem is the Government chooses to spend more than they take in from taxes, of any kind. I believe the FICA tax rate should have been adjusted annually so that taxes coming in equals the benefits paid out rather than "collect" the excess in the SS Trust Fund, which is just a promise to issue more debt in the future. SS needs some adjustments, just as it did in the early 1980. The inability of Congress to address this issue is another serious problem. And so we go round and round ...

very well said

[Aces4]

and what if you had been hurt on the job in your 30’S or 40’s and could not work anymore or God forbid you died, the SSI would come in handy or the SS for your family if deceased. There are many on here that think everyone on SSI or Medicaid are faking or lazy , that couldn’t be farther from the truth , it a lifeline that with some bad luck could have landed all of us on one of these programs

True that this is a great benefit when truly needed but if you had ever administrated long term disability claims, you would have a real eye opener. So many have the system figured out now.

[retiredguy123]

True that this is a great benefit when truly needed but if you had ever administrated long term disability claims, you would have a real eye opener. So many have the system figured out now.
Yes. Way too many bogus disability claims and other benefit claims are approved because a lot of Government employees in charge have the attitude that the Government has unlimited money to waste. There is no incentive to protect taxpayer money. One person I knew who worked in approving Government assistance told me that their motto was "when in doubt, shell it out".

[manaboutown]

and what if you had been hurt on the job in your 30’S or 40’s and could not work anymore or God forbid you died, the SSI would come in handy or the SS for your family if deceased. There are many on here that think everyone on SSI or Medicaid are faking or lazy , that couldn’t be farther from the truth , it a lifeline that with some bad luck could have landed all of us on one of these programs

Far, far too many SSI claims are faked.

[OrangeBlossomBaby]

Social Security was never meant to be a direct income replacement for retirees. Kind of like how minimum wage jobs were never truly seen as a career path. I am for self sufficiency. Those of us who were fortunate enough to have worked for 50 or so years should have been responsible enough to plan for the eventuality we all face. Obviously, there are people who, through no fault of their own, were not able to do that. But, for the majority of folks in our age bracket, they should have been planning for their retirement a long time ago. No one will be able to enjoy a lifestyle they had during their working years on Social Security alone. It was never meant to work that way. If someone failed to adequately fund their own income stream for retirement, it's a little late to change it now.

At my retirement party from my previous, long time job, my boss asked me if I had any advice for a group of young new hires. He was thinking I might offer some tips related to the work. Instead, my advice was simple: Put money away every month until it hurts. Consider that money spent, and never touch it. You'll thank me in 30 years.

Mostly useless advice now that "entry level" (not minimum) wages haven't kept up with the rate of inflation. When I went to college back in the early 1980's, I had a studio apartment on Charles Street, the foot of Beacon Hill in Boston. I paid $375/month including heat and hot water. I didn't have cable TV and in fact, had an old black and white that I picked up off the side of the road that a college student had thrown away the year before. I was earning $4.00/hour at two part-time jobs, and averaging $10/hour playing guitar in the subway system as a busker.

I was also a full time student. I managed to save some money and blew it all on stupid college-student crap.

That same apartment was available for rent in the past couple of years. It was well over $2000/month. Minimum wage hasn't gone up proportionately, but it's still considered appropriate for students. Except now you have to be in a very wealthy family to afford that apartment as a student. It has an updated bathroom now but is mostly the same as it was. The basement apartment is now for rent - it's 120 Charles Street unit 2 if you want to look it up. I had unit 1 on the main floor, which was similar but a bit smaller, with no access to the "courtyard" (which was really just a walled-in concrete slab big enough for a lounge chair and a potted plant).

People who can save up, are people who are earning more than they need to live already, or people who come from families who can afford to help them with expenses until they're able to save up. People who think everyone can "just" do that - are thinking in terms of how it used to be - and not how it is now.

[Aces4]

Mostly useless advice now that "entry level" (not minimum) wages haven't kept up with the rate of inflation. When I went to college back in the early 1980's, I had a studio apartment on Charles Street, the foot of Beacon Hill in Boston. I paid $375/month including heat and hot water. I didn't have cable TV and in fact, had an old black and white that I picked up off the side of the road that a college student had thrown away the year before. I was earning $4.00/hour at two part-time jobs, and averaging $10/hour playing guitar in the subway system as a busker.

I was also a full time student. I managed to save some money and blew it all on stupid college-student crap.

That same apartment was available for rent in the past couple of years. It was well over $2000/month. Minimum wage hasn't gone up proportionately, but it's still considered appropriate for students. Except now you have to be in a very wealthy family to afford that apartment as a student. It has an updated bathroom now but is mostly the same as it was. The basement apartment is now for rent - it's 120 Charles Street unit 2 if you want to look it up. I had unit 1 on the main floor, which was similar but a bit smaller, with no access to the "courtyard" (which was really just a walled-in concrete slab big enough for a lounge chair and a potted plant).

People who can save up, are people who are earning more than they need to live already, or people who come from families who can afford to help them with expenses until they're able to save up. People who think everyone can "just" do that - are thinking in terms of how it used to be - and not how it is now.

I came from a large farming family. Talk about hard work and tight funds… The thing that caused those rates to soar are two children families with helicopter parents. Money is no issue now and many students have cleaning services. People really don’t know what hard work and doing without is like now. Even the truly poor have “the system” to save their butts.

[manaboutown]

Mostly useless advice now that "entry level" (not minimum) wages haven't kept up with the rate of inflation. When I went to college back in the early 1980's, I had a studio apartment on Charles Street, the foot of Beacon Hill in Boston. I paid $375/month including heat and hot water. I didn't have cable TV and in fact, had an old black and white that I picked up off the side of the road that a college student had thrown away the year before. I was earning $4.00/hour at two part-time jobs, and averaging $10/hour playing guitar in the subway system as a busker.

I was also a full time student. I managed to save some money and blew it all on stupid college-student crap.

That same apartment was available for rent in the past couple of years. It was well over $2000/month. Minimum wage hasn't gone up proportionately, but it's still considered appropriate for students. Except now you have to be in a very wealthy family to afford that apartment as a student. It has an updated bathroom now but is mostly the same as it was. The basement apartment is now for rent - it's 120 Charles Street unit 2 if you want to look it up. I had unit 1 on the main floor, which was similar but a bit smaller, with no access to the "courtyard" (which was really just a walled-in concrete slab big enough for a lounge chair and a potted plant).

People who can save up, are people who are earning more than they need to live already, or people who come from families who can afford to help them with expenses until they're able to save up. People who think everyone can "just" do that - are thinking in terms of how it used to be - and not how it is now.

You earned far more than I did bagging groceries at a local market at age 14 for 25 cents an hour in 1956. Where I lived gasoline was about 30 cents a gallon then.

Actually today there is far more opportunity for those who work hard and smart and take on entrepreneurial risk. Young billionaires: https://www.youtube.com/watch?v=hzRsgv1ju6o

[Stu from NYC]

You earned far more than I did bagging groceries at a local market at age 14 for 25 cents an hour in 1956. Where I lived gasoline was about 30 cents a gallon then.

Actually today there is far more opportunity for those who work hard and smart and take on entrepreneurial risk. Young billionaires: https://www.youtube.com/watch?v=hzRsgv1ju6o

Spot on about hard work and looking for opportunities. They are out there for sure

[MX rider]

and what if you had been hurt on the job in your 30’S or 40’s and could not work anymore or God forbid you died, the SSI would come in handy or the SS for your family if deceased. There are many on here that think everyone on SSI or Medicaid are faking or lazy , that couldn’t be farther from the truth , it a lifeline that with some bad luck could have landed all of us on one of these programs

Well said. Although there are too many bogus SSI claims. It does provide a safety net for those actually needing it. I know a few people in that boat. But living in a small town in Indiana (not snowbirds yet) I see the other side too. Some are no more disabled than I am.

[Paper1]

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

With all due respect there is no "Trust Fund" that is just a cruel hoax our elected leaders parrot to make retires comfortable. This large, very popular increase will be funded with our grandchildren's credit card as was the 2017 tax cut, Middle East Wars, Covid spending, inflation reduction bill, etc.