Social Security 2021 COLA Set at 1.3%

OneEyedDiva

OneEyedDiva

SF VIP
Location
New Jersey
According to this article published in USA Today's Money section. And WTH...this is what it says about a Medicare B premium increase:
"Also, recent legislation limits the Medicare Part B premium increase next year to the size of this year's hike plus a small additional bump. ." So I guess that means most of us won't really see an increase in our SS payments.
https://www.usatoday.com/story/mone...-2021-benefits-rise-1-3-next-year/5977421002/
 

Last edited:
From the above link ....

Nearly 43 million beneficiaries could see much or all of their cost-of-living increase effectively wiped out because of increases in premiums for Medicare Part B, which are automatically deducted from many Social Security checks, Johnson says. For others, the Medicare offset could make any COLA benefit marginal. Under a "hold harmless" provision, Medicare premium increases are generally adjusted so they don't reduce Social Security benefits.

Wondering how far off is the day when SS benefits start getting reduced to pay Part B?
 

Yeah.... the COLA will be eaten up by medicare..... The US dollar doesn't go as far as it used to.....I guess I appreciate that I am still able to work. Just got a $9 a month raise from SSA because I worked last year. So, with my increase and COLA that will cover the increase in both the medicare and my supplement.....lol..... still not getting ahead.... but not falling behind also!!!!!!
 
Bonnie said:
From the above link ....

Nearly 43 million beneficiaries could see much or all of their cost-of-living increase effectively wiped out because of increases in premiums for Medicare Part B, which are automatically deducted from many Social Security checks, Johnson says. For others, the Medicare offset could make any COLA benefit marginal. Under a "hold harmless" provision, Medicare premium increases are generally adjusted so they don't reduce Social Security benefits.

Wondering how far off is the day when SS benefits start getting reduced to pay Part B?
Click to expand...

hold harmless only applies to the lowest level of premiums .
higher levels of income triggered even by once in a lifetime asset sales can see you increased thousands a year .


don't think those surcharges are for the wealthy either .

a widow can sell a business or real estate in the family for decades and have less of a nest egg to live on including those proceeds then you do , yet they will pay thousands more in medicare premiums then someone else who has a bigger nest egg saved .

it really is a poor way of determining who pays thousands more .

it is like if you sold more than two years earlier prior to medicare then your gains don't count but two years later they do . that is regardless of the fact those proceeds included , can leave you with less of a nest egg to live on than your peers paying thousands less in premiums .
 
Last edited:
the core measure is not used for calculating ss though .

the cpi-w is used and IT INCLUDES FOOD AND ENERGY.

the core is used to just take the temperature of the 1500 different mini economies we have and because food and energy can be seasonal or effected by weather and shortages , it is eliminated in the core .

but the cpi-w which is what is linked to most cola adjustments and social security certainly includes food and energy as well as the cpi-u includes it
 

Last edited:
You must log in or register to reply here.

Back
Top