[gdennis317]

Originally Posted by MrFlorida

So much for helping out the middle class.

Unfortunately, if you are living off of Social Security only you MAY barely be at the very low end of Middle Class.

“The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $61,372 in 2017, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $42,000 and $126,000.”

[Boomer]

The Windfall Elimination Provision affects Social Security for a lot of people.

[Jgg7933]

Click the link for a better understanding of the increase.

Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch

[Jgg7933]

Click the link for a better understanding of the increase.

Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch

[Debbiec0906]

Well sounds like you know how to work the system if you’re paying so little for health care to begin with. That is a big increase for those that rely in SS given the disastrous rise in cost for everything thanks to those in power.

[nn0wheremann]

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.

If you receive more than $366 in monthly Social Security benefit, the COL will cover the $21.60 increase in SMI (Part B) premium. Live it up!

[rmd2]

Originally Posted by Boomer

The Windfall Elimination Provision affects Social Security for a lot of people.

Yes and the 66% cut to Social Security hurt every single person working in the Federal Government EXCEPT for Congress and Senate. When they made that law they exempted themselves from the cut so they get their full federal pensions and full social security payments. My social security payment after they take out my Blue Cross Blue Shield payment is now $111 a month.

[bumpa]

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.

The SSA system was designed with a 75 year life span in mind as that was the projected age of dead in the 1930's. It has changed of course and the increase in life span does contribute to issue of funding SSA. In any case the system is designed to return your contributions as well as your employers in about 10 years (65 year of retirement vs 75 years of life span). This varies a bit person to person but generally speaking your contributions have been returned to you after 10 years and beyond that you're getting other people's money i.e. the poor guy who retired at 65 and died at 66.

Regarding the issue of personal investment choices and benefits vs mandated SSA contributions. SSA was developed in the 1930's during a great depression. The idea of the average person having the opportunity to invest was ludicrous at the time. Combine that with the recent experience in 1929 and it's understandable that a mandatory savings programs was the best choice.

[jimbomaybe]

Originally Posted by gdennis317

Unfortunately, if you are living off of Social Security only you MAY barely be at the very low end of Middle Class.

“The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $61,372 in 2017, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $42,000 and $126,000.”

Many years ago , before I had even started my working life I could see that living off SS would not be what I wanted, my understanding is it was never intended to be the sole support , people being people discount this fact as they ignore how people who do live a rather fugal lifestyle, its not a failure of plan,, its a failure to plan

[frose]

all you can say is THANKS _ _ _

[ohiosbestus]

They meaning Congress and Senate should pass a bill to limit insurance increases to the same percentage as social security increases. The medical community is literally robbing us.

[OrangeBlossomBaby]

Originally Posted by ohiosbestus

They meaning Congress and Senate should pass a bill to limit insurance increases to the same percentage as social security increases. The medical community is literally robbing us.

It doesn't work that way.

The SS increase was intended to help offset the Medicare increase. The two work together. Inflation happens, you are expected to keep up with it. Bread was only 5 cents a loaf in 1934. And income was only $10 per week. Prices go up. People need to pay higher bills, and therefore need more pay. The costs of living go up, and so do the costs of doing business. Medicare and Social Security are social programs designed to keep older people from becoming destitute or dying as a direct result of not being able to afford the kind of medical care that most people over 65 tend to need.

If you're not happy with your $70 inceased check and $18 increased Medicare cost, you're welcome to donate the excess to somewhere else, and opt out of everything except Medicare A, which has no premium to you at all.

[manaboutown]

Originally Posted by OrangeBlossomBaby

It doesn't work that way.

The SS increase was intended to help offset the Medicare increase. The two work together. Inflation happens, you are expected to keep up with it. Bread was only 5 cents a loaf in 1934. And income was only $10 per week. Prices go up. People need to pay higher bills, and therefore need more pay. The costs of living go up, and so do the costs of doing business. Medicare and Social Security are social programs designed to keep older people from becoming destitute or dying as a direct result of not being able to afford the kind of medical care that most people over 65 tend to need.

If you're not happy with your $70 inceased check and $18 increased Medicare cost, you're welcome to donate the excess to somewhere else, and opt out of everything except Medicare A, which has no premium to you at all.

I am not happy with my $100 decreased check. Who would be?

[Dana1963]

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!

Don’t feel bad Fortune 500 Companies Corporate Profit is up an average 30% during the past 22months of the Pandemic very positive on the economy.
Inflation is manipulated.

[stadry]

ALL - smoke & mirrors just 1 pocket to another - inflation trumps it all anyway