Social Security 2023 COLA to be announced Oct 13th
 

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.

:bigbow:

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

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

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

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).

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)

It needs to be like 15% :boom:

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.

Don't hold your breath

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.

Resorts say 8.7%

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.

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.

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

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

:)

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.

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.

your right will be getting back

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

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

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

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

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".

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)

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

Unfortunately, there is one key person who believed

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!

again your check won’t decrease ( hold harmless)

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.

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

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.

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.

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.

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?

isn't this increase that many are celebrating, an obvious indication that this country is in dire straights?

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:)