Skip to comments.How to Calculate Your 2012 COLA Payment
Posted on 10/21/2011 8:22:39 AM PDT by Poundstone
On October 19, a 3.6% COLA was announced for employees under the Civil Service Retirement System (CSRS) who have had benefits for at least one year. Employees under the Federal Employees Retirement System (FERS) will get a 2.6% COLA if they have had benefits for at least one year. OPM has issued official guidelines for how this will be applied to federal retirees.
(Excerpt) Read more at fedsmith.com ...
This is good news for fellow FReepers who are federal retirees!
I am glad to see it. I am glad that Social Security is going up too. I know that saying it is unpopular but I am sorry 85 year olds deserve whatever they earned. Yes some are making out but most are not. Now what about military retirees....if anyone should get a big raise it is them.
Usually when Soc. Security gets a raise, we (VA cases and military retirees) do as well. As I am 100% disabled, if I got 3.6% it would be significant. It’s been a few years since we’ve seen a cola raise and things haven’t gotten cheaper.
Very true....I hope you get the 3.6 or even more.
The question for SS retirees is — how much will the Medicare premium rise?
There has been no increase for the last 2 years, because SS did not increase.
Californiahealthline.org estimates that Medicare premiums will be about $106.60 in 2012. That would be an increase of about $10.00.
If you take a look at the inflation chart It has steadily gone up EVERY MONTH.
Why is mine is $115.40?
Figures. I'll miss it by 2 months.
I work for a Fortune 100 and we have gotten 2.5-4.0% every year for the past several years. There is money out there, there just isn’t much of it going to new adventures as companies are uncertain what Zero and Congress are going to do.
I am too, but most of it will be eaten up with Medicare premium increases.
I don't know your particular situation, but maybe it is because you didn't start taking it as soon as you reached 65 or maybe your income is such that you fall in the higher premium bracket.
That is the premium for those that started receiving
benefits in the last two Years. I think the new premium
will equal your 115.40 or more.
“”The question for SS retirees is how much will the Medicare premium rise?””
TRUE and social security recipients need to be aware and remember this. If they have Medicare Part B, that premium will go up and it will be offset by the increase in COLA...Some do not sign up for Part B.
I’m curious if the SS COLA will be the same as the federal retirees increase!!!
“”The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.””
From the Social Security website - so the increase for federal retirees COLA and SS recipients is the same. Answered my own question.
I wonder if it is going up in Jan? HUMMMM
Recipients also need to be aware...
They must sign up for an approved Part D Prescription Drug plan. Failure to do so will result in a monthly penalty that will accumulate until they do enrol in an approved plan. And, the penalty will not go away when they do enrol — once it starts, it will continue forever.
Because you’re obviously rich, and we would all benefit if we spread your wealth around. Now don’t be late with your premium payment!
Medicare increases will probably wipe out most of the raise. The last "increase" resulted in a $5 drop in my wife's SS payment because of that.
I thought Part D was voluntary.
The above links to the medicare.gov website information regarding the Part D penalty.
“”They must sign up for an approved Part D Prescription Drug plan. Failure to do so will result in a monthly penalty that will accumulate until they do enrol in an approved plan. And, the penalty will not go away when they do enrol once it starts, it will continue forever””
My post was regarding Part B which a person accepts or declines when they sign up for SS benefits. If it’s declined, there is a penalty for signing up for Part B at a later time.
I’m not aware of any requirement that a person MUST buy Part D Prescription coverage. That coverage is sold by private companies and only deducted from SS benefits if requested by the enrollee.
Are we talking about the same thing here?