The Social Security 6.2 % "Raise"

fmdog44

fmdog44

Well-known Member
Location
Houston, Texas
Retirees will see much higher Medicare Part B premiums in 2022, with the Congressional Research Service estimating a 6.2% premium increase and monthly costs jumping from $148.50 to $157.70. Most retirees pay premiums out of their Social Security checks, so they'll find that some of their raise disappears even before it hits their bank accounts.šŸ™
 

Yes, it seems any COLA raise is taken away by a premium increase equal to what is given.

I call it a wash.

My military retirement check will also go up with the same COLA, so I will see some increase.
 

For crying out loud. Some of y'all would complain if you were hung with a gold rope! The increase in the Medicare premium doesn't come anywhere close to the 6.2% increase in the SS benefit. Last year the SS increase was 1.3%, and the increase in the Medicare premium was $9.10. This year, if the Medicare premium is actually $157.70, it will be an increase of $9.50.

Calm down. A 6.2% increase is nothing to sneeze at. If you don't want it and don't think it's worth your trouble, write a check for the difference every month and donate it back to the Social Security Administration.

I, for one, am tickled to death with a whopping increase in the size of my SS check (far in excess of $100 after the Medicare premium), and the Medicare premium is a heckuva lot less than the hundreds of dollars that younger single workers pay every month for their health insurance.

ETA: Hey...a bright idea! Instead of donating your SS increase to the SSA, send it to me. I'll put it to good use, I promise ;)
 
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I look at Social Security as a "bonus". I look at how much I paid in over my working career, and compare that to how much I've received since signing up at age 62...I wish some of my other investments returned a similar percentage. Then, my wife...who never worked outside the home...also signed up at age 62, and gets a nice payout. If we live as long as our parents did, we will collect over 10 times what I paid in.

Unless there are major changes in Social Security and Medicare funding, in the near future, it won't be long before those programs are in trouble.
 
GeorgiaXplant said:
For crying out loud. Some of y'all would complain if you were hung with a gold rope! The increase in the Medicare premium doesn't come anywhere close to the 6.2% increase in the SS benefit. Last year the SS increase was 1.3%, and the increase in the Medicare premium was $9.10. This year, if the Medicare premium is actually $157.70, it will be an increase of $9.50.

Calm down. A 6.2% increase is nothing to sneeze at. If you don't want it and don't think it's worth your trouble, write a check for the difference every month and donate it back to the Social Security Administration.

I, for one, am tickled to death with a whopping increase in the size of my SS check (far in excess of $100 after the Medicare premium), and the Medicare premium is a heckuva lot less than the hundreds of dollars that younger single workers pay every month for their health insurance.

ETA: Hey...a bright idea! Instead of donating your SS increase to the SSA, send it to me. I'll put it to good use, I promise ;)
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You get over a $100.00 and I got $7.00 and you are putting me down!! I am just glad to get the small $7.00 after all these years of getting nothing!
 
GeorgiaXplant said:
For crying out loud. Some of y'all would complain if you were hung with a gold rope! The increase in the Medicare premium doesn't come anywhere close to the 6.2% increase in the SS benefit. Last year the SS increase was 1.3%, and the increase in the Medicare premium was $9.10. This year, if the Medicare premium is actually $157.70, it will be an increase of $9.50.

Calm down. A 6.2% increase is nothing to sneeze at. If you don't want it and don't think it's worth your trouble, write a check for the difference every month and donate it back to the Social Security Administration.

I, for one, am tickled to death with a whopping increase in the size of my SS check (far in excess of $100 after the Medicare premium), and the Medicare premium is a heckuva lot less than the hundreds of dollars that younger single workers pay every month for their health insurance.

ETA: Hey...a bright idea! Instead of donating your SS increase to the SSA, send it to me. I'll put it to good use, I promise ;)
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I'll guess you were not a math major. But here's a quickie. When this "+" means this "-" it is bad.
 
terry123 said:
You get over a $100.00 and I got $7.00 and you are putting me down!! I am just glad to get the small $7.00 after all these years of getting nothing!
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I was not putting you down.

I didn't get that last year; that's what I'll net this year. And this year, you will net a heckuva lot more than $7, even after the increase in the Medicare premium.

A young friend who is still in the working world is thrilled that she's getting a 2% raise pay this year. She pays $700/month for health insurance with a deductible of $5000 and expects an increase in her premium this year. She has $50 copays for visits to her PCP. Specialists' visits are also $50 copays after a $250 initial visit.

My DD's family of four has a $10,000 deductible. Their premium is $1200/month.

What I'm saying is count your blessings. The COLA increase less the Medicare increase is not a wash this year.
 
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You're saying Medicare will only be $158. I'm happy about that because when I read early speculative reporting about how much the COLA and Medicare amounts would be for 2022, the article said Medicare would be raised to $168. It certainly beats what happened in 2021 when the increase in Medicare premium ate up that piddly "raise". Using the 5.8% COLA which has been mentioned as the most likely percent increase, I'll net $63/mo after the Medicare increase versus the $7/mo this year.
 
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fmdog44 said:
I'll guess you were not a math major. But here's a quickie. When this "+" means this "-" it is bad.
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people are bad at math . they dont realize a increase on a smaller amount like medicare is way less then an increase on a much larger amount like all the ss you get.

we will see about a 2300 dollar in increases a year between us with a fraction of that going for medicare increases.

this year for most it is not a wash
 
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The way Inflation is running up....on almost everything....a 6% raise in SS will certainly help. However, If Washington doesn't start planning for the future....and soon....this "raise" will only hasten the day when the SS funds run dry, and then, Everyone will take a hit.
 
Don M. said:
The way Inflation is running up....on almost everything....a 6% raise in SS will certainly help. However, If Washington doesn't start planning for the future....and soon....this "raise" will only hasten the day when the SS funds run dry, and then, Everyone will take a hit.
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You're right Don. I posted about how everyone will feel the bite of the (then proposed) 24% deduction in SS continuously projected to happen in 2034 (or 2033). People poo-pooed that idea. Some erroneously thought we are "grandfathered" in and it wouldn't affect those of us already receiving SS. Put it's been several years and that very real possibility is still being reported by the SS administration.

While I'm very glad we got a 5.9% increase, I already know $50 of that will wind up going to our co-op's increase in carrying charges. I'm not complaining though...it's much needed and I expected it to be more. We'll still be paying less than half of what average housing for comparable apartments cost in the area.
 
I'm with those who aren't complaining. Thanks to a now closed loophole, DH & I are able to take 150% of my SS. When he turns 70 he'll stop drawing against my earnings and start taking against his own (considerably larger) earnings. At that point we'll continue getting 100% of mine and the greatly increased 132% of his FRA (Full Retirement Benefits).

Even if Medicare increases to this year to $168 each (as @OneEyedDiva heard it might), on 150% of mine we'll still combine to the plus of well $100 per month and it will add to DH's benefits when we start taking them.
 
Ss is only supposed to be a piece of a retirement income and actually only 20% of seniors have ss as their only income .

anyone with investments is way way ahead of this recent inflation spike as investment growth far outpaced actual inflation
 

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