[Pres1939]

Originally Posted by Michael G.

Whoo Whoo, you're getting a raise Village people.


Social Security Cost-of-Living Adjustment for 2022 Is 5.9% - Clark Howard

Nice, but how much will Medicare increase and negate much of the 5.9%???
Usually does. 😩😩😩

[OrangeBlossomBaby]

Originally Posted by Jensor17

I dont understand why government does anything anymore. For years there's no COLA then comes a whopper. .
Some folks eek by on $300 a month SS and rely on the largesse of relatives or neighborhood groups like Elks or moose lodge. The ones who get $4500 a month SS PAYMENTS MAKE ME QUESTION THE WHOLE SHEBANG. I know a gal whose husband passed and she had infant twins, and collects $1500 a month + 1500 +1500 survivor benefits. All i got when my husband passed was $225 one -time SS check SINCE I WAS COLLECTING MY OWN SS benefit.
Where is the logic in no benefits and. Overpaying on others ?

It's because you don't understand how it works. There's plenty of logic in it.

Your "gal" whose husband passed and she had infant twins? The husband would've needed to be 62 or older to even be eligible for any social security at all. Assuming she's still of child-bearing age, she's probably younger than 45. That'd put hubby at 18 years older than wifey-poo. No judgement there, just saying - it seems unlikely that all of these things would be true. If it is true, then yes - wifey and twins each get survivor benefits, until she is 62 and eligible for her own, and until those kids are 16 or 18 (I had it up on another web tab and forgot which rule was 16 and which was 18).

The survivor benefit is to help people who typically earn less than their spouses. It was originally for wives who outlived their husbands, during a time in America when most women didn't work at all and those who did, made pennies on the dollar compared to men. It was to keep widows and their children out of poverty.

Meanwhile, the maximum individual benefit to any worker is under $4000. So your anger against people getting $4500 checks is misplaced. No one living, and collecting their own social security check from their own years of working, is getting a check bigger than $3800-something. If they're getting more, then it's a survivor benefit, or it's actually more than one person in the household, each receiving a benefit.

You can read all about how social security works on their website. But, just because you don't understand it, doesn't mean it is illogical. It just means you're limited in your understanding. You can always expand that limitation if you wish, all the information is available to you.

[rothbear]

Originally Posted by Pres1939

Nice, but how much of this is negated by an increase in Medicare?? That usually happens. 😩😩

All depends on your SS. I was forced to take mine early due to losing my job during the last financial crisis (and behing too old to find another one) so between that and getting lower pay and taking time off for child care my SS before deductions is about $930/month. DH SS before deductions is about $2250/month. But we will both get hit with the exact same amount of increase in MC but it takes a bigger chunk of my much lower increase. Don't even want to see how much the supplement is going up but I suspect it will take pretty much all of what's left between us of the increase.

[golfing eagles]

Originally Posted by rothbear

All depends on your SS. I was forced to take mine early due to losing my job during the last financial crisis (and behing too old to find another one) so between that and getting lower pay and taking time off for child care my SS before deductions is about $930/month. DH SS before deductions is about $2250/month. But we will both get hit with the exact same amount of increase in MC but it takes a bigger chunk of my much lower increase. Don't even want to see how much the supplement is going up but I suspect it will take pretty much all of what's left between us of the increase.

Which is EXACTLY the way it is supposed to work. It is a Cost Of Living Adjustment, not a "raise". The increase in SS check is SUPPOSED to be eaten by increased prices, so that you stay even. It was never intended to INCREASE anybody's purchasing power, the time for that was when people were working---make more, save more, have more in retirement. At least with COLA, people won't fall too far behind (in theory)

[biker1]

The poster was lamenting that potentially the Medicare and Supplemental Policy increases were going to consume all of the SS COLA. Health Care is not their only expense.

Originally Posted by golfing eagles

Which is EXACTLY the way it is supposed to work. It is a Cost Of Living Adjustment, not a "raise". The increase in SS check is SUPPOSED to be eaten by increased prices, so that you stay even. It was never intended to INCREASE anybody's purchasing power, the time for that was when people were working---make more, save more, have more in retirement. At least with COLA, people won't fall too far behind (in theory)

[Kenswing]

Originally Posted by Vermilion Villager

Go to the Social Security website and see how much YOU actually contributed to Social Security....then take your monthly annuity and total the amount you've taken to date.

I'm pretty sure you've taken a whole lot more than you put it

You're wrong. I've taken out absolutely nothing. I'm still almost 5 years out before I can even start drawing at 62.

[golfing eagles]

Originally Posted by biker1

The poster was lamenting that potentially the Medicare and Supplemental Policy increases were going to consume all of the SS COLA. Health Care is not their only expense.

Agree. Hence the "in theory". I believe the Medicare increase is only $10/month, but the exposure on a supplemental policy can be unlimited. But for anyone that is facing budget concerns, there is always the option of a Medicare advantage plan which costs nothing over the part B premium

[jagdl]

Originally Posted by GrumpyOldMan

I wish they would do that on a sliding scale and weigh it at the bottom income levels. We don't need it, just like we didn't need the COVID checks. I feel for those less fortunate than me, and would like to see them get more.

They can't legally do that however, we donated our stimulus checks. One to Salvation Army to help feed people, One to a restaurant to help them stay afloat. We bought $1200 worth of their food and they donated it to women's shelters. There is obviously room in you heart and we are glad to hear some of the good comments.

[biker1]

We can take a quick look at the numbers in some additional detail. The poster did not say what their Medicare and Supplemental Policy costs were but we can make a few assumptions. They will realize a combined increase in their SS benefit of approximately $190 per month. They could be paying income tax on some of that - don’t know. Their combined Medicare premium increase will probably be $20 per month, as you indicated, assuming they aren’t subjected to IIRMAA costs. If we assume a combined Supplemental Policy premium cost of $500 per month (may or may not be high, depends on age, smoking status, sex, and which plan ) and an increase of 10% in 2022 then that would result in a combined increase of $50 per month. So, with these assumptions, $70 per month of their $190 per month SS COLA will be consumed by increases in Health Care Policy premium costs. In reality, I don’t think all of their SS COLA will be consumed by the Health Care Policy premium increases but it appears to be a concern to them. Depending on your health, switching to a Medicare Advantage Plan may or may not be a good idea.

Originally Posted by golfing eagles

Agree. Hence the "in theory". I believe the Medicare increase is only $10/month, but the exposure on a supplemental policy can be unlimited. But for anyone that is facing budget concerns, there is always the option of a Medicare advantage plan which costs nothing over the part B premium

[Vermilion Villager]

Originally Posted by Kenswing

You're wrong. I've taken out absolutely nothing. I'm still almost 5 years out before I can even start drawing at 62.

OK...so you missed the point...

1. go to the site and see how much you will be projected to contribute when you are 62.
2. Now use the tables to determine your life expectancy...you should get about 23 years (276 months).
3. Take the amount you will be taking each month in SS times 276 and see if it exceeds what you contributed.

[jdulej]

Another source of inflow to SS and Medicare is non-citizen workers. Be they legal or illegal, if they have a legit job in the US, they (and the company they work for) pay into the funds. Few will ever see any of it. Certainly not the illegal ones, and the rules for legal (non green-card holders, with just a work visa) are pretty strict as I recall. Admittedly I have not checked the rules since I retired 8 years ago.

[Kenswing]

Originally Posted by Vermilion Villager

OK...so you missed the point...

1. go to the site and see how much you will be projected to contribute when you are 62.
2. Now use the tables to determine your life expectancy...you should get about 23 years (276 months).
3. Take the amount you will be taking each month in SS times 276 and see if it exceeds what you contributed.

Of course I and everyone else should get back more than we contributed. Do you believe that the government should be able to hold onto our money for decades without providing a decent rate of return? I for one am not in the habit of giving out lifetime interest free loans.

[Dr Winston O Boogie jr]

Originally Posted by GrumpyOldMan

I wish they would do that on a sliding scale and weigh it at the bottom income levels. We don't need it, just like we didn't need the COVID checks. I feel for those less fortunate than me, and would like to see them get more.

How would they do that? The government doesn't know what our income or net worth is.

[thevillages2013]

Originally Posted by GrumpyOldMan

I wish they would do that on a sliding scale and weigh it at the bottom income levels. We don't need it, just like we didn't need the COVID checks. I feel for those less fortunate than me, and would like to see them get more.

Get a philanthropic vibe and give it away. Same thing just you are the middleman

[thevillages2013]

Originally Posted by Chase219

Why gas and everything else goes up by 20 % where good what a bunch of bull ****. We are screwed. Sumpter country look at the tax hikes gone up every year for the past 3 years.

Where B Sumpter Country?