topic Re: 💲ocial 💲ecurity - 2018 in Community Chat

💲ocial 💲ecurity - 2018

Mz iMac — Fri, 14 Jul 2017 07:23:31 GMT

Social Security beneficiaries are projected to receive a 2.2% cost-of-living increase next year, the most since 2011, the trustees who oversee the program said Thursday.

That would be about $30 a month for the average retired worker. But It's a relative bonanza compared to the 0.3% adjustment for this year and the unchanged paychecks in 2016. The cost of living adjustments have been low because of unusually weak inflation in recent years.

Social Security officials will release the official cost-of-living increase for Social Security recipients in October

Meanwhile, the trust fund that pays Social Security benefits to 61 million Americans is projected to be depleted by 2034, the same forecast as last year, but the solvency of funds for disability and Medicare benefits has improved somewhat, the Social Security Board of Trustees said Thursday.

Benefits for recipients would be cut if nothing is done before 2034 to shore up the Social Security fund. At that time, there would be enough income to pay 77% of scheduled benefits.

“It is time for the public to engage in the important national conversation about how to keep Social Security strong,” said Nancy Berryhill, acting commissioner of Social Security.

The Social Security disability trust fund is in better shape than the combined reserves and is now projected to be depleted in 2028, compared to last year’s estimate of 2023. And the Medicare trust fund is expected to run out in 2029, a year later than last year’s forecast.

While the combined trust funds increased by $35 billion in 2016 to a total $2.85 trillion and will continue to grow through 2021, the total annual cost of the program is projected to exceed income beginning in 2022, Social Security officials said.

Social Security paid $911 billion in benefits in 2016.

LINK TO ARTICLE

Re: 💲ocial 💲ecurity - 2018

151949 — Fri, 14 Jul 2017 11:21:57 GMT

It's simple to fix SS - a no brainer really - simply repay the trillions of dollars that were "BORROWED" by the federal government to pay for the wars in the miseast and the tax cuts.

Re: 💲ocial 💲ecurity - 2018

Anonymous — Fri, 14 Jul 2017 11:40:43 GMT

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Re: 💲ocial 💲ecurity - 2018

wildcat fan — Fri, 14 Jul 2017 13:02:01 GMT

@151949 wrote:
It's simple to fix SS - a no brainer really - simply repay the trillions of dollars that were "BORROWED" by the federal government to pay for the wars in the miseast and the tax cuts.

Since it's "a no brainer" could you please explain how to "simply repay trillions of dollars"? How do they "simply" come up with trillions of dollars?

Re: 💲ocial 💲ecurity - 2018

SeaMaiden — Fri, 14 Jul 2017 13:12:21 GMT

an increase is good!

Re: 💲ocial 💲ecurity - 2018

KathyPet — Fri, 14 Jul 2017 13:24:38 GMT

Medicare will simply increase the cost of premiums to eat up the "raise" in SS benefits

Re: 💲ocial 💲ecurity - 2018

Allegheny — Fri, 14 Jul 2017 14:30:34 GMT

Well that is nice news for a change. I still don't trust how they figure. "cost of living adjustments have been low because of unusually weak inflation in recent years." May-be they don't purchase the same things I do.

Seems to me, prices of everything that affect our budget have been slowly going up over the past two years. Subtle increases but overall they add up and erode at spendable income. But that is a fact of life, what goes up usually never comes down.

From what I briefly read, the existing Medicare premium is to stay unchanged.

I don't receive social security, and haven't researched if the increase will also be applied to my federal pension. Sometimes it does, other times we get excluded.

Re: 💲ocial 💲ecurity - 2018

zitawins — Fri, 14 Jul 2017 14:36:21 GMT

That and a dollar will get you a cup of Starbucks.

Re: 💲ocial 💲ecurity - 2018

Anonymous — Fri, 14 Jul 2017 14:40:10 GMT

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Re: 💲ocial 💲ecurity - 2018

LilMadi — Fri, 14 Jul 2017 14:44:22 GMT

Sadly, that's what they usually do.

Re: 💲ocial 💲ecurity - 2018

Cakers3 — Fri, 14 Jul 2017 14:56:21 GMT

@KathyPet wrote:
Medicare will simply increase the cost of premiums to eat up the "raise" in SS benefits

^ This. Although my understanding was that the increase in Medicare premiums were not supposed to be more than what the SS COLA was giving out. I could be wrong.

Medicare needs to be revamped, imo, anyway.

Re: 💲ocial 💲ecurity - 2018

Anonymous — Fri, 14 Jul 2017 15:00:04 GMT

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Re: 💲ocial 💲ecurity - 2018

viva923 — Fri, 14 Jul 2017 15:05:58 GMT

Medicare will eat at least $20.00 of the $30.00 forecast raise. If not 20 bucks medicare will take all 30.

Re: 💲ocial 💲ecurity - 2018

Tinkrbl44 — Fri, 14 Jul 2017 15:08:29 GMT

@zitawins wrote:
That and a dollar will get you a cup of Starbucks.

@zitawins

Only a dollar for a Starbucks ??? Which Starbucks are you going to? Please share! lol

Re: 💲ocial 💲ecurity - 2018

Anonymous — Fri, 14 Jul 2017 15:09:03 GMT

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Re: 💲ocial 💲ecurity - 2018

feline groovy — Fri, 14 Jul 2017 15:09:57 GMT

Thanks, @Mz iMac - something positive on the Q boards for a change!

Hooray for the adults (ages 18-59) on Social Security Disability as well.

Every little bit helps, especially if SS or SSDI is your only income and asset.

Re: 💲ocial 💲ecurity - 2018

Tinkrbl44 — Fri, 14 Jul 2017 15:12:30 GMT

@Mz iMac

Ok ..... Maybe my coffee hasn't kicked in yet .... but I carefully scanned the article and still can't figure out who "projected" this number. Is it someone speaking for the SS Administration .... or a financial writer that thinks they have a pulse on next year's increase?

Re: 💲ocial 💲ecurity - 2018

Lynnster67 — Fri, 14 Jul 2017 15:14:20 GMT

I wouldn't count on a net increase for 2018 ... Medicare will likely increase its premium to offset it (which they couldn't do when the COLA was 0% due to the hold harmless provision that protects ~2/3 of beneficiaries).

Re: 💲ocial 💲ecurity - 2018

Lynnster67 — Fri, 14 Jul 2017 15:20:46 GMT

SS is a pay-as-you-go system (Ponzi scheme). If any other pension fund operated that way, its trustees would be prosecuted for breaching their fiduciary duty.

Whoever is responsible for applying the SS surplus against the government's deficit should be prosecuted.

I don't think ppl realize there is no trust fund with their name on it -- all you earn is quarters of credit and the highest 35 yrs of earnings are used to calculate your annuity. When SS was generating a surplus, it was invested in a special series of Treasurys. Now that cash flow is negative, these "bonds" are being liquidated. These bonds are just pieces of paper in fireproof/waterproof filing cabinets in a ginormous bunker somewhere in WV.

Re: 💲ocial 💲ecurity - 2018

Lynnster67 — Fri, 14 Jul 2017 15:22:40 GMT

What's really a no-brainer is to eliminate the earnings cap, like it was for Medicare. Why should I pay the same FICA taxas an athlete/entertainer who earns millions?

Also, uber-wealthy ppl shouldn't be able to claim SS. For example, Warren Buffett has never applied for SS or Medicare since he doesn't need it (rounding error for someone like him).