Posted on 10/19/2016 11:09:59 AM PDT by MaxistheBest
The typical retiree's monthly Social Security check will get only $3.92 bigger next year.
That amounts to an increase of just 0.3% -- the smallest ever put in place to help cover higher prices.
That's still an improvement from this year, when the lack of inflation kept benefits from increasing at all. The average retiree's monthly benefit is currently $1,305.30.
"Over the last five years, Social Security COLA's have remained small or nonexistent," said AARP. "Every cent can matter to beneficiaries and their families. After last year's zero COLA, this year's announcement doesn't offer much help to the millions of families who depend on their Social Security benefits."
Retirees also spend a bigger proportion of their money on health care, for which prices have risen faster than overall inflation.
"As prescription prices skyrocket and Medicare premiums and other health costs increase, many older Americans have understandable concerns," said AARP.
At the same time, retirees are hurt by low interest rates because many depend on savings to cover at least part of their living expenses.
(Excerpt) Read more at money.cnn.com ...
About a $4/month increase.
Yeah?
My rent went up $25/month 6 months ago and another $25 when I renewed the lease last month.
My current Medicare Advantage increased $10/month for 2016 and is going up another $6 for 2017. And the copays for prescriptions are doubling. The PCP doctor copay dropped from $10 to $6 in 2016 and $5 for 2017, but as of 2016 blood labs have a copay of $6 and $10 for 2017.
Well, sh#t! I take care of my elderly Dad; pay all of his bills (he’s legally blind) and do his shopping & laundry, etc.
That generous $3.92 is going to bump him into a higher tax bracket! Just kidding...
It also ‘maths out’ (family joke) to over a TWO BILLION dollar increase next year for We The Tax Payers who are not yet collecting SS. (56 million x 3.92, each)
So, git bizzy, Slackers! I currently have SEVEN family members drawing SS. Chop-chop! Quit Freepin’ and get back to work! ;)
(I’ll start drawing in 5 years, 8 months, 2 days and a few hours. HA! We’ll see about that!)
God forbid we simply eliminate Socialism Security.
If you predate the baby boomer generation, that's true.
But for boomers and later generations, it's depends on your average lifetime income. If you are under the median, you get more than you contributed. If you are above the median, you get less than you contributed.
To clarify: this takes the time value of money into account -- i.e. if you were to invest your Social Security contributions into the equivalent of long-term Treasury bonds.
If you simply measure contributions to benefits, benefits will always be larger due to inflation over your lifetime, and your contributions being considered to be an interest-free loan to the government.
“I’m taking your 401(k)”
Try and find it, Beotch. You think YOU’RE the only one that knows how to hide assets? ;)
*SPIT*
Back when they temp’ dropped the FICA a few years ago blew a bigger hole in it than was there.
This is another issue the cultists in DC fail to mention.
Yet when I asked my congressman face to face why they wont raise the limits that seniors can make in early retirment, he would not answer. As it stands now, it is about 15 grand a year. Why not raise it to 20 and let them pay back some into the system?
Know why? Because they want control. Not only that, they want those part time jobs to go to illegalls.
$3.92 bigger next year X 100 million ORFs = Obama’s last Vacation splurge ?
If Congress did that without a substantial increase in the payroll tax, you would see a 20% cut in your benefits within 10 years.
Even if nothing is changed at all, you can expect a 20% cut around 2034. That's when the Trust Fund is expected to be exhausted and by law, Social Security benefits must be lowered to what can be funded by the payroll tax.
Socialism Insecurity.
No, those missing contributions were replaced by an expenditure from the general fund.
Of course, they just borrowed that money by selling more US Treasury Bonds.
Why factor food into a person’s budget? It’s not like they need it...oh, wait.
A just what supplies funds to that general fund besides tax dollars?
Social Security is how much in debt?
If this happened with a Republican in office - and those couple of years with no increase - the MSMLSD would be screaming with spittle and Chrisie “Tingles” would have a cardiac event.
What makes this all the more insulting, is the fact the US Gov’t gives out billions upon billions of dollars every year to both our enemies and to those who simply work against our interests.
Not to mention the untold millions these ‘refugees’ are costing us.
Most of that SS goes to the greatest generation who sacrificed life and limb for all of us. I don’t see why they should continue to sacrifice to underwrite the illegal invasion, among other unconstitutional spending.
But they really care for granny tho...
6% of Social Security money goes to SSI, i.e., the welfare bum slush fund.
If Trump gets the economy going again, and brings back jobs from overseas, you’ll see a big rise in the amount of payroll tax brought in because more people will be working. \
That was one of Trump’s early claims that he would save the benefits programs by getting the economy going so that we could afford to pay for them.
Cheap imports that only pay 1% tax or less don’t fund social security even as they the coffers by putting Americans out of work.
If Trump gets the economy going again, and brings back jobs from overseas, you’ll see a big rise in the amount of payroll tax brought in because more people will be working. \
That was one of Trump’s early claims that he would save the benefits programs by getting the economy going so that we could afford to pay for them.
Cheap imports that only pay 1% tax or less don’t fund social security even as they the coffers by putting Americans out of work.
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