HUGE SS increase

Don M.

Don M.

SF VIP
Location
central Missouri
I checked the bank account balances a few minutes ago, and the Social Security payment for January has arrived. We got a Massive boost of almost $18 a month....I think I'll start shopping for a new Cadillac.
 

Think positive, at least there is an increase, actually sounds good when compared to the talk of a 23% decrease in the future.
 

we got 40 bucks in an increase . but unlike my wife who was not increased the last 2 years on medicare because she was collecting and could not be raised , i just started in october so i am at a higher premium rate .

all i know is compared to when i had private insurance and working and got raises of hundreds of dollars in premiums , and no raise at work , this medicare and social security stuff is the best . the thought that you can never be raised more than your increase in ss is fabulous .
 
We get a increase in our aged pension each March and September ,last September we got $2.60 each not even enough to get a script of our BP pills
 
anyone expecting a cpi index to match their personal cost of living and financial needs made a big error in judgement . the ss system was never meant to support anyone , it was insurance as a safety net . the retirement system we have here is the YOYO plan . you're on your own .

unfortunately the ability to retire is not a right , it is a privilege for those who can afford not to work . counting on just ss for many people will lead to a very stressful life as you sweat every bill and increase in expenses . .
 
My SS increase is still better than the zero increase on my fixed benefit pension of $150.68/month.

Imagine what it was like to retire before 1935 when people didn't have SS or 1965 when Medicare was enacted.
 
i say thank you , for medicare every day since i have it . my old insurance was 6k just for me with a 4500 deductible and THEY WERE GOING UP 20% IN 2018 . the thought that my health insurance can never go up more than i get as a raise from ss is astounding
 
Imagine what it was like to retire before 1935 when people didn't have SS or 1965 when Medicare was enacted


Probably not so bad. Back then people knew they had to provide for themselves and most companies had pension plans. Social security was meant to supplement those plans, not to replace them. Far too many people today depend an social security as their only source of income when they retire since few companies offer pension plans anymore.
 
actually it turned out pretty bad and that is why social security was enacted .

i don't think anyone plans on just living on social security any more than any of us plan on a life of impoverishment .

but more than likely it can end up that way from a lifetime of poor choices and bad decisions all along the way .

for to many , a goal without a plan for making things happen is only a wish and it stays a wish .. like a cork in water they drift to wherever life pulls them , usually from one low end job to the next . they never break out of it , or take control and bingo all they get is a ss check and a low one at that . but then they complain the ss can't support them or the raises don't match their personal costs of living .

those who wan to succeed will generally find a way -the rest will find an excuse . are there exceptions ? sure like anything in life there will always be some exceptions ,but those exceptions are far fewer than those thinking they had no control or choice in their ending up with ss as the sole means of support .
 
mathjak107 said:
i say thank you , for medicare every day since i have it . my old insurance was 6k just for me with a 4500 deductible and THEY WERE GOING UP 20% IN 2018 . the thought that my health insurance can never go up more than i get as a raise from ss is astounding
Click to expand...

thumbs-up-smiley-emoticon.gif
 
rkunsaw said:
Probably not so bad. Back then people knew they had to provide for themselves and most companies had pension plans. Social security was meant to supplement those plans, not to replace them. Far too many people today depend an social security as their only source of income when they retire since few companies offer pension plans anymore.
Click to expand...

?? I don't disagree that SS was a supplement - it was intended to be one of three "legs" of retirement financial security. However.....

Curious to know why you are saying "most companies had pension plans". Although the US government had always paid military pensions, and American Express formed the first company pension plan in the 1860's, I don't find any numerical stats that indicate a high number of workers were covered by pensions.

From the Social Welfare Library: "...It was estimated that in 1930 only 3 1/2 million persons were covered,and by 1932 about 140,000 persons were receiving such industrial pensions, with less than 15% of all wage and salaried employees being covered. Keep in mind that the industrial pensions were often poorly funded —most were discretionary, implying a moral rather than a legal obligation on the part of the employer."

In 1930 the U.S. had a population of 122M according to the census. Employed/employable adults are generally 45-65% of the population total, so 3.5M potential pensioners is a very low percentage.

In 1950 the % of workers covered by pension plans was 25%. By 1970, due to the growth in unions, that went to 50%. This means that sizable #s of workers were still not covered by pension plans.
 
".......In 1950 the % of workers covered by pension plans was 25%. By 1970, due to the growth in unions, that went to 50%. This means that sizable #s of workers were still not covered by pension plans...".

Just to add ---- only a third of retirees now have some kind of pension. And that percentage will continue to drop.....
 
Meh. By the time the increased Medicare is deducted from my check, I'll walk away with a whopping $12/month. My fixed pension will never increase or decrease. After all these years of collecting it, inflation has probably made it worth a whole lot less than it was when it started.

I'm one of the lucky ones; there's still plenty left over to save or spend as I choose.
 
KingsX said:
I've missed that discussion... do you have a link ?
Click to expand...

This seems simple and straight forward. Online about 3 hours ago.


Business
Here's When Social Security Will Be Bankrupt

https://www.fool.com/retirement/2018/01/14/heres-when-social-security-will-be-bankrupt.aspx

Long article these are excerpts


Jan 14, 2018 at 8:51AM
In November, nearly 62 million people received a benefits check from the Social Security Administration via the Old Age, Survivors, and Disability Insurance Trust (OASDI). About 42.4 million of these recipients were retired workers. As the number of retirees continues to grow, the importance of this monthly stipend that Social Security provides will as well.
According to the Social Security Administration, 62% of all retired workers count on their Social Security check to provide at least half of their monthly income, with 34% of retired beneficiaries leaning on the program for between 90% and 100% of their total income.

The good news.
Surprise! Social Security can (theoretically) last forever
How about never? That's right, never! Social Security, as it's currently designed, is incapable of going bankrupt, which means retired workers, survivors, and the disabled will still receive a monthly stipend from the program, assuming they're eligible.
How is this possible? Look no further than the primary source of funding for the program: payroll taxes.


Then the difference.
Remember, survival and sustainability are two different things
However, just because Social Security can't go bankrupt, it doesn't mean that the current payout schedule is sustainable. If the OASDI does indeed burn through its asset reserves by 2034, and no new revenue is raised by Congress, the Board of Trustees has suggested that a benefits cut of up to 23% may be needed to sustain payouts through 2091.

So if living to 2091 is doable be prepared to see if the prediction comes true.
 
Last edited:
Knight said:
This seems simple and straight forward. Online about 3 hours ago. Here's When Social Security Will Be Bankrupt.
Click to expand...

I'm not too worried about SS going bankrupt...at least not in any of our lifetimes....there are a number of measures Congress can take to keep that program fairly solvent. A more likely "financial" issue, in the near future, will be soaring Health Care costs, and Medicare/Medicaid. If the present trends continue, it may not be more than 5 to 10 years before insurance premiums and co-pays, etc., make health care almost unaffordable to both our government and half the population. How this issue is addressed will go a long way towards determining how our government and nation handles SS...in the long term.
 
I just read that the average SS benefit is $1404/month. What? I live pretty frugally but would be hard-pressed to live on $1404/month. And it said that starting at age 65 and calculating living 25 years longer, we'll rack up $200,00 in medical expenses!
 
GeorgiaXplant said:
I just read that the average SS benefit is $1404/month. What? I live pretty frugally but would be hard-pressed to live on $1404/month. And it said that starting at age 65 and calculating living 25 years longer, we'll rack up $200,000 in medical expenses!
Click to expand...

Based upon reports I've read, those numbers sound fairly accurate. Millions of Seniors are living with SS as their primary source of income, with little in the way of savings, and no pension or IRA, etc. Seniors are probably the largest demographic living at, or below, the poverty levels. They have to rely on Medicare/Medicaid for their health needs, and cannot afford any Advantage or MediGap plans. Any money they might have been able to save will probably go to copays and deductibles when they Do have to go to the doctor.

Quite frankly, the way our "social" programs are set up, an able bodied welfare recipient can live better than many of our Seniors....most of whom have worked hard and contributed to society all their years.
 

You must log in or register to reply here.

Back
Top