Predicting Social Security's 2019 COLA

[Trade]

Just two more days till we know if we're getting a Social Security raise next year.
https://www.fool.com/retirement/2018/10/07/predicting-social-securitys-2019-cola.aspx

With more than three out of five aged beneficiaries reliant on the program for at least half of their monthly income, there's perhaps no event that has more significance than the cost-of-living adjustment (COLA) announcement by the SSA, which comes out during the second week of October (Oct. 11 this year). COLA is nothing more than a fancy term to describe the "raise" that beneficiaries will receive in the following year as a result of the rising price of a predetermined basket of goods and services (i.e., inflation).

 

[Harold Hayden]

For those on Medicare, the real date is in November. Still a lot of people in the hold harmless category for the last few years. If the 2.8% OASI raise is correct, the threshold for hold harmless will fall from about $1,250 to about $750 for those individuals.

 

[Don M.]

No matter what kind of "raise" appears for SS, any increase will probably be eaten up by increased health care costs, and inflation, in general. We've already received notice that our Medicare Advantage premiums will be going up. The current "trade war" with China is already showing up in increased prices for everything from consumer electronics, to new cars.

 

[Manatee]

Inflation is the "age tax", it makes the dollars that you saved worth less as you age. It will never change as long as Congress is exempt.

 

[Linda]

Well, I hope we get that raise. I'll get wild and crazy with my husband and he won't know why know why.

 

[Trade]

www.cnbc.com/2018/10/11/your-social-security-check-will-get-a-2point8percent-boost-in-2019.html

The Social Security Administration announced that that cost-of-living adjustment for 2019 will be 2.8 percent

The Medicare Part B premiums for next year have not been announced yet. Estimates peg those premiums at $135.50 in 2019 for those with incomes below $85,000.

In the past, the boost from the Social Security cost-of-living adjustment has been eaten up for many by higher Medicare premiums.

Individuals with Social Security benefits from around $600 to $634 could be most affected.

“That group will likely see their Part B premium take up their entire COLA in 2019,” Johnson said.

“Even though we’re having the highest COLA since 2012, I think people still express frustration because their costs are still increasing faster,” Johnson said.

Social Security benefits have lost 34 percent of their buying power since 2000, according to a study released by the Senior Citizens League in June. While benefits have increased by 46 percent through cost-of-living increases since 2000, senior expenses have risen 96.3 percent, according to the nonpartisan senior group.

 

[Geezerette]

Article in today's 10/13/18 Albuquerque Journal: standard Medicare premium to go up by $1.50 to $135.50. Haven't figured out yet what my net increase will be.

 

[Smokey613]

I just recieved my notice on the COLA. I will net $38.70 extra on what's deposited into my checking account. Woohoo !! Pretty sad actually but at least it's not a decrease.