[Rapscallion St Croix]

Net increase of 5% for me.

[Cheryl Barrios]

Originally Posted by rmd2

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

I have not yet started receiving/getting/paying for Medicare but will in February. I receive $154 a month from SS. I have no idea what the original Medicare with supplements cost yet, but I won't be able to make even the basic payment for Part B with my SS check. I didn't know anyone was lower than I was in benefits.

[LianneMigiano]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

[Stu from NYC]

Originally Posted by LianneMigiano

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

48 years of paying into system and doubt that after 10 plus years I have recouped my payments. And if you add investment growth of what they took no way will I ever come out ahead.

[REDCART]

Originally Posted by Stu from NYC

48 years of paying into system and doubt that after 10 plus years I have recouped my payments. And if you add investment growth of what they took no way will I ever come out ahead.

You may have overlooked the fact that SS is more than a retirement program. During your 48 years of working you had survivor and disability insurance.

[MDLNB]

Originally Posted by OhioBuckeye

So does that mean S.S. will go broke sooner & Medicare will continue. You do know S.S. is going to dry up before some get it & are paying into it. Then Medicare doesn’t get paid into & it’ll continue!

Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

[Stu from NYC]

Originally Posted by REDCART

You may have overlooked the fact that SS is more than a retirement program. During your 48 years of working you had survivor and disability insurance.

I did not consider it but most of the time had disability insurance thru company I worked for and life insurance worth much more than what SS would have paid my family.

Would bet that most people who are financially savvy would opt out of SS at an early age if they could.

[manaboutown]

Originally Posted by LianneMigiano

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

Although I did not read that article I'll wager it ignores the time value of money.

Understanding the Time Value of Money

[Ramone]

My head is spinning. Good bye

[DAVES]

Originally Posted by Rainger99

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

It is not just retired people facing this. The CPI consumer price index has hit 6.2%. That is paid with after tax money.

[DAVES]

Originally Posted by Stu from NYC

I did not consider it but most of the time had disability insurance thru company I worked for and life insurance worth much more than what SS would have paid my family.

Would bet that most people who are financially savvy would opt out of SS at an early age if they could.

People will argue about most anything. First of all you do not have the option to opt out of social security. Secondly if you are working for someone other than self employed, many don't realize your employer has to match what you pay to social security-essentially tax free income to you. I was self employed and unlike most who pay 7% to social security, I paid 13%.

Social Security is yet another progressive tax. When you earn more you pay more. The increase of benefit you receive is far less than the more you are forced to pay.

[DAVES]

Originally Posted by MDLNB

Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

If, serious, my reply is until it hits you or yours.
If, trying to be humorous as posted it does not work..

[DAVES]

Originally Posted by manaboutown

Although I did not read that article I'll wager it ignores the time value of money.

Understanding the Time Value of Money

Few people understand math. Our CPI consumer price index has hit 6.2%. You pay that with after tax dollars. I need to make over 9% just to be even.

If you invest 10,000 and make 10% the first year, you have 11,000 if you lose 10% the next year-YOU ARE NOT EVEN. 11000-10%=9900. All the stuff I/WE read never mentions this.

Reality is soooooo simple. No one would pay me to write simple reality.

Inflation, you need roughly 6 dollars to buy what one dollar bought in 1974 except for electronic stuff and that is due to dropping cost and more powerful computer chips.

[MDLNB]

Originally Posted by DAVES

If, serious, my reply is until it hits you or yours.
If, trying to be humorous as posted it does not work..

All in the eyes of the beholder. Since I do NOT pay for Medicare B, I no longer contribute to the Medicare fund. However, I am sure that my private insurance will double the savings from what I don't pay Medicare in an increase in premiums. My copays have already gone up. I doubt I will ever need to use the Medicare A that I paid for most of my life, you're welcome.

I do not fear Covid since almost all my children and grandchildren had it before the vaccinations and shrugged it off. The new version of it is almost harmless according to supposed "experts." Of course, the MSM and D.C. will hype it since it gives them more power. I've done my due by getting the vaccination but right now have no intention of getting subscription to quarterly boosters. I would rather get my antibodies naturally. Not trying to convince anyone, and do not care whether or not anyone else gets the vaccination or boosters.

Covid has taken it's toll on the weakest and SS will benefit from that, whether that sounds harsh or not. SS has been distorted out of the original design anyway, so if it disappears or not, it is nothing the rest of us can do about it. If they would have invested my money rather than borrowed from it, mine would be much higher in value.

[NAB20]

Originally Posted by LianneMigiano

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

I have read similar information before, but that type of analysis does not make much sense because they are not comparing the dollars you paid in with what those dollars would be if invested an compounded values. Would like to see someone do that. It would be more accurate.