Soc. Sec. could get a 2.6% COLA in 2025

So much for the 2.5% increase. I just got my State Farm renewal notices for home and auto insurance. The auto actually went down 19%, but that bit of good news was way more than offset by the homeowner premium which went up 38%. I also got a call from the agent, who said I should be thankful it wasn't worse. 😩
 

MACKTEXAS said:
So much for the 2.5% increase. I just got my State Farm renewal notices for home and auto insurance. The auto actually went down 19%, but that bit of good news was way more than offset by the homeowner premium which went up 38%. I also got a call from the agent, who said I should be thankful it wasn't worse. 😩
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Merry Christmas - I feel for you. So far no update on ours.
 

MACKTEXAS said:
So much for the 2.5% increase. I just got my State Farm renewal notices for home and auto insurance. The auto actually went down 19%, but that bit of good news was way more than offset by the homeowner premium which went up 38%. I also got a call from the agent, who said I should be thankful it wasn't worse. 😩
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Rich said:
I have to think this is affecting the affordability of housing these days. We used to be wary of the property taxes, but now it's the insurance that's out of control.
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My sister-in-law lives in an affordable housing apartment complex, and her only income is social security disability.

She got a letter from social security saying that, starting in January, she can expect a COLA increase of *around* $38/mo on her SSDI.

The same week she got a notice from her housing agency saying that, starting in January, her rent will increase by $36.
 
I know people on fixed pensions who get zero % increases each year. So I am grateful for whatever increase I get. I am sorry for those for whom SS is their only source of income. I know a few people in that situation. They visit the food bank. 😕
 
FYI, Here are the COLA adjustments since 2015.....from the SSA website. Gary

Year
COLA​
2015​
0.0​
2016​
0.3​
2017​
2.0​
2018​
2.8​
2019​
1.6​
2020​
1.3​
2021​
5.9​
2022​
8.7​
2023​
3.2​
2024​
2.5​
 
Brookswood said:
I know people on fixed pensions who get zero % increases each year. So I am grateful for whatever increase I get. I am sorry for those for whom SS is their only source of income. I know a few people in that situation. They visit the food bank. 😕
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My Mother in Law's pension from 1999-till her death in 2022 never had a single increase. (Verizon spousal pension). And she was aware of that from day one.
 
I have not heard anything yet, but it is never over $7-$8 a month more for me, anyway. The sad thing is that the government gives with one and had and takes with the other, because however much my SS pension increases, that will come out of my EBT. So, it never actually helps at all, and meanwhile the cost of everything keeps going up and up.

I was a housewife most of my adult life, and expected to share in my ex-husband’s retirement, just like my mom and dad did. So, after he left, and i got my own jobs, I didn’t earn very much to give me any kind of SS pension.
I think this probably happened to a lot of women my age, who lived in a time when most women stayed home and took care of the family and did not have an outside job.
 
2024 was my first year to go on an Advantage plan (I switched off Medi gap at the end of 2023). The Advantage plan I chose in Oct. 2023 for upcoming year 2024, had a $29 premium.

When 2024 started, it took SSA 3 months to start the $29 deductions, so I was hit with one $87 deduction all at once in March, 2024.

Yesterday, I received my COLA adjustment notice, and it still shows a monthly $29.00 deduction for coming year 2025, even though the new plan I chose has a -0- premium.

Calling SSA and Medicare today resolved nothing. It just kept me on hold. SSA will probably figure it all out and repay $87 in March, but it's an aggravation to contend with this when I made my new plan choice in October during open enrollment, well before December.

We have a relatively short window of time to make changes during the open enrollment period, but "they" (SSA or Medicare) don't make their changes in time for the new year.

Just thought I would put this out there in case anyone else is in the same situation.
 
If anyone cares, and an FYI if they do: A quick follow up to the above. SSA finally called me back. Although there's -0- premium for 2025, I'm still set up for automatic deduction, since I was for 2024. UHC had to remove the automatic payment election; did that today, so that should fix it. Time will tell.
 
Brookswood said:
I know people on fixed pensions who get zero % increases each year. So I am grateful for whatever increase I get. I am sorry for those for whom SS is their only source of income. I know a few people in that situation. They visit the food bank. 😕
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That would be me (us State retirees). Not the food bank part though; thank goodness I have a surplus each month. Former governor Chris Christie put an end to what used to be healthy COLAs. I was never a a fan of his but I understood why he did it. For years our pension fund was not being funded as it should have been and was billions in the hole when he took office. There is still a astonishing shortfall, so I'm sure we'll never see another COLA. I feel lucky our pensions weren't cut by X percentage. This was as of June 2020.
"The gap between the total assets, $103.5 billion, and liabilities, $178.4 billion, was $74.9 billion at the beginning this fiscal year. That’s more than $2.9 billion, or 4%, higher than the year before."
 
I hope any young people who stumble onto this thread get the message. Start a Roth IRA retirement account as young as you can. Contribute whatever you can to it each month even if it is only $10. There is no law that says you have to contribute the maximum. Invest the contributions into a USA Total Stock Market index fund. Make sure you automatically reinvest the dividends and gains back into the fund. Don’t withdraw anything out until you are in your mid 60s or later. Then you will have millions of people (possibly including yourself) who go to work day after day and are working to make you wealthier. And because it is a ROTH account you won’t have to pay any Federal income tax on your earnings.

I define ‘young’ as anybody under 60.
 
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Luckily my pension provides a yearly raise. At year 15 it’s 5% for life. Looking forward to calling SS next week to get an appointment to have them redo my benefits since GPO is eliminated.

WEP will automatically be removed and my benefits increased however, I need to have an appointment to remove GPO which will provide a much higher benefit.
 
An investigative reporter for Wall Street Journal asks Joe if he prefers Boxer shorts or Briefs.
"Depends"

"Did I understand you right?"
"Depends"
 
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2024 was 313.52. It was 304.70 in the previous year, 2023. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
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The internet give ya the run around with Consumer Price Index Data, and layman terms. It just BS's ya.
Price a 1lb. Porter house Steak at Walmart 1999 and Today. Near $20. Then try to eat the unchewable thing.

The highest-quality meats available at Walmart stores across the country are their USDA Prime ribeye and New York strip steaks. These steaks are currently priced between $15 and $20. The current average per pound price for prime steak at Walmart is $17.97.

Buy a Top Sirloin at a restaurant, It sure seems glued together.
 
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Every year the portion of my social security that is taxable goes up. That's because the formula for calculating how much of it is taxable has not been adjusted for inflation for the past 40 years. :mad: I did a rough estmate of my taxes and for 2024 almost 60% of my total social security will be taxable.That's going to cost me almost $3,000 in additional income tax. :mad: So between that and the increase in Medicare Part B I'll be lucky to break even from last year, let alone get any adjustment for inflation. :mad:
 
The small tub of Folgers Columbian was $11.99 before 8% tax = +$0.96 = $12.95 today at Waldo World.
That's what 1/5 my fast run to the store for Shrimp, Alfredo & Amish Noodles + Chili + Amish potato salad
Large and small tomatoes, dip and other stuff. + total bill near $57.00
 
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