2016 Social Security Benefits Letter

jujube

jujube

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I think I'm in Florida, but I'm not sure any more.
Received one today, and I quote, " There was no increase in the cost of living during the past year....". Translation: no increase in SS benefits this year.

No increase in the cost of living during the past year? What alternative universe are these people living in? My auto insurance went up, the mortgage went up (insurance and taxes), my Medicare supplement and drug plan went WAY up. What hasn't gone up, except for gas? Apparently nobody got around to telling Walmart and Publix and Target and every other retailer in the frickin' world that prices weren't supposed to go up. Heads will roll....
 

There should be a more concerted effort to get your representatives in congress to change the basis of how SS increases are based. Consumer Price Index for the Elderly (CPI-E) is a more fair index.
 

In OZ the aged pension is tied to the average male wage and it is adjusted twice yearly.
It is also means tested so changes in your income and assets will also be taken into account which means that the adjustment can be up or down depending on your financial situation.
 
In addition, the FEDS are the ones determining how much to pay back some poor working stiff, when benefits first become payable. No negotiating, no complaining. imp
 
We opened ours up a couple hours ago. I'd already heard we wouldn't get an increase this year but I just wanted to make sure they hadn't thought of some reason they should take more away from us. :(
 
I'm quite satisfied with my monthly S.S.check. I find out a long time ago that there is no limit to the size of ones S.S. check so I worked many hours to get something I could live on.
 
jujube said:
Received one today, and I quote, " There was no increase in the cost of living during the past year....". Translation: no increase in SS benefits this year.

No increase in the cost of living during the past year? What alternative universe are these people living in? My auto insurance went up, the mortgage went up (insurance and taxes), my Medicare supplement and drug plan went WAY up. What hasn't gone up, except for gas? Apparently nobody got around to telling Walmart and Publix and Target and every other retailer in the frickin' world that prices weren't supposed to go up. Heads will roll....
Click to expand...

Son_of_Perdition said:
There should be a more concerted effort to get your representatives in congress to change the basis of how SS increases are based. Consumer Price Index for the Elderly (CPI-E) is a more fair index.
Click to expand...

imp said:
In addition, the FEDS are the ones determining how much to pay back some poor working stiff, when benefits first become payable. No negotiating, no complaining. imp
Click to expand...


How is a COLA calculated?
The Social Security Act specifies a formula for determining each COLA. According to the formula, COLAs are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). CPI-Ws are calculated on a monthly basis by the Bureau of Labor Statistics.

A COLA effective for December of the current year is equal to the percentage increase (if any) in the average CPI-W for the third quarter of the current year over the average for the third quarter of the last year in which a COLA became effective. If there is an increase, it must be rounded to the nearest tenth of one percent. If there is no increase, or if the rounded increase is zero, there is no COLA.

Gas/oil prices are figured in here..

Our wealthy politicians have no clue as to what us seniors are going through.
 
A few months ago, there was talk about using a "Chained CPI" which would have downplayed most Seniors expenses. It seems that such a CPI may have been quietly adopted.
 
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