Skip to comments.Your Social Security checks could get bigger next year - Here’s how much
Posted on 09/13/2019 6:38:24 AM PDT by zeestephen
Social Security benefits could get a 1.6% cost-of-living adjustment in 2020, according to one new estimate. The Social Security Administration is expected to officially announce its cost-of-living adjustment in late October...Meanwhile, Medicare Part B premiums are expected to increase to $144.30 per month in 2020 from $135.50 this year, according to estimates from Medicare trustees.
(Excerpt) Read more at cnbc.com ...
Very astute of Trump. The Dems are going to run on a platform of increasing SS benefits. If Trump beats them to the punch it will blunt the attack.
Cool, that means medicare will likely go up only 2%.
1.6% might get you $1.00 in your SS check per month, $12.00 Year. The rest goes to Medicare. Then if you are like we are the Tricare Life Co-pays will GO UP and wipe out that $1.00. And more drugs and procedures will be dropped from Medicare and Tricare Life. Tricare Life is secondary Military Medical ins to Medicare for Career Military over 65 or those to severely injured to return to service.
Fedgov giveth and fedgov taketh away.
I expect my SS check to go down, because my income on my 2018 tax return was quite good. There is a one-year delay before it hits your SS.
Wont disagree with you on your points, but your math is off. 1.6% on a $1000 SS payment is $16. Medicare increase will gobble about half of that. As they say in German, es Macht nichts.
Re: Part B premium
Expected to go up $8.80.
$135.50 to $144.30.
That will be a 6.5% increase.
This is not Trump. This is the social security administration under regulations set in law as to how to calculate the SS cost of living increase. It has changed, over time, by Congress. I have gotten some kind of cost of living adjustment of ss every year.
I think he meant that all but $1 would go to increased Medicare premiums.
Many people have their Medicare costs directly subtracted from their SocSec check each month.
If real inflTion factors (actual food costs, etc) are applied, SS recepitants should get more than 1.6%. Congress has fiddled with the COL for decades.
Lucky is more like it. Social Security increases are automatic and are based on a formula and not legislation.
I remember getting zip zilch nada under obama a couple of years 2010 and 2015. The obama admin cola calculations seemed to lean to quite lean cola.
My dad’s SS COLA went up $22 last time and the property tax went up the same amount per month so it was a wash for him.
I also think they should distribute the COLA funds equally among all SS folks who have reached "true" retirement age.
The Bureau of Labor Statistics (BLS) measures price inflation with a Consumer Price Index (CPI). However, COLAs do not take into account many items of life that do increase. It's a very bastardized formula.
What a pointless article. There is a COLA just about every year, and it amounts to diddly.
1.6% raise in benefit, 6.5% raise in Medicare cost.
Most of it got erased by the increase in Medicare Part B....and we had a few years with no increase at all.
My net increase after medicare increase will be right at $6.80 a month. My quandary is where to spend that increase.
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