[Michael G.]

So, with inflation, we can except another increase on our Social Security, right?

[tophcfa]

Originally Posted by Michael G.

So, with inflation, we can except another increase on our Social Security, right?

Be careful what you hope for, if benefits go up, the system will just become insolvent faster.

[davem4616]

yes inflation should drive an increase in SS next year...as well as increase the Medicare deduction

[rustyp]

It all hinges on the 3rd quarter.

The government calculates the Social Security COLA by comparing the average CPI-W for the third quarter of the year in which the most recent COLA became effective to the average CPI-W for the third quarter of the current year.

[Babubhat]

Insolvency is irrelevant. Government has unlimited ability to print money.

[dewilson58]

Originally Posted by Babubhat

Government has unlimited ability to print money.

There's an uneducated statement.

[RICH1]

Not counting my chickens, can’t afford eggs

[tophcfa]

Originally Posted by Babubhat

Insolvency is irrelevant. Government has unlimited ability to print money.

Right, and we are learning the painful lesson right now of how that works out. Hyper inflation and subsequent reduced purchasing power. That’s not a sustainable solution.

[Stu from NYC]

Originally Posted by tophcfa

Right, and we are learning the painful lesson right now of how that works out. Hyper inflation and subsequent reduced purchasing power. That’s not a sustainable solution.

Very true the end result is after inflation SS gives us less buying power than before

[Michael G.]

Now we realize through all our younger working years everything screamed "save for retirement".
Yet the younger generation today have a hard saving for what's coming next month.

[DAVES]

Originally Posted by Babubhat

Insolvency is irrelevant. Government has unlimited ability to print money.

Except for reality. I have a pile of German Reichsmarks, WWII German currency, that belonged to my Grandparents. Even the German government will not give you anything for them.
They printed so much of it that there are piles of it in the US. You can buy it for next to nothing. It is actually nicely printed on quality paper. Perhaps, buy some and frame it on your wall. A reminder of what can and does happen when a government prints valueless currency.

[DAVES]

Originally Posted by Michael G.

Now we realize through all our younger working years everything screamed "save for retirement".
Yet the younger generation today have a hard saving for what's coming next month.

Simply that is not so. When, I graduated college, 1974 the economy, was in recession, and I had spent years of saving from WORK, on college. I owed on top of what my parents paid, my savings, and working part time, 13,000 in loans. Definition of a loan, a bank lends you money, charges interest and expects YOU to pay it back. Aside, 13,000 is roughly 78,000 today. I more or less followed a simple plan. It is outlined in a book that I no longer recall the title. You save 10% of your income and live on the rest. It is not easy but it has and does payoff. My advice, refuse to fail, life is not fair, it never was, deal with what is not what should be. Our nation is loaded with opportunities too many walk past them, do not see them, because they expect a handout.

[DAVES]

Originally Posted by Stu from NYC

Very true the end result is after inflation SS gives us less buying power than before

That is and always has been the result of inflation. Inflation is good for debtors. You pay back what you owe with devalued dollars. Talk about debtors. Our national debt is 30 Trillion dollars. A sum I freely admit, some do not see it, an incomprehensible amount. Inflation as stated works well for debtors.

[Stu from NYC]

Originally Posted by DAVES

Simply that is not so. When, I graduated college, 1974 the economy, was in recession, and I had spent years of saving from WORK, on college. I owed on top of what my parents paid, my savings, and working part time, 13,000 in loans. Definition of a loan, a bank lends you money, charges interest and expects YOU to pay it back. Aside, 13,000 is roughly 78,000 today. I more or less followed a simple plan. It is outlined in a book that I no longer recall the title. You save 10% of your income and live on the rest. It is not easy but it has and does payoff. My advice, refuse to fail, life is not fair, it never was, deal with what is not what should be. Our nation is loaded with opportunities too many walk past them, do not see them, because they expect a handout.

Agreed can never get ahead depending upon the govt.

Hard work does pay off for the vast majority of people.

[rustyp]

Do you think there will be an increase in social security next year ? One thing for sure the stories of the good old days will not disappear. I had to walk uphill both ways and barefoot to school. You do realize you keep giving the OP the responses he likes trolling for. If he really wanted to know if there will be an increase in SS next year he simply can push the google button.