topic Re: SS increase notification in Community Chat

SS increase notification

SharkE — Thu, 10 Dec 2020 13:49:47 GMT

Think we're getting ours today. Be on look out for letter(s) if married.

1.3% increase. LOL

Re: SS increase notification

fthunt — Thu, 10 Dec 2020 13:53:48 GMT

Never get excited - today a letter of an increase - tomorrow a letter from insurance that rates are increasing.

But I'll take an extra buck wherever I can get it.

Re: SS increase notification

novamc1 — Thu, 10 Dec 2020 14:00:51 GMT

@SharkE

Did you "LOL" your post because you're laughing-- like I am-- over how that SS increase has actually wound up as a DECREASE when it lands in my bank account?

What Social Security gives on one hand, increased Medicare premiums have taken away on the other.

My monthly bank account deposit of SS benefits will now fall by around $100.

I'm still laughing after seeing the notice I got in the mail about a week ago. It said the "increase" is to keep up with the "increase in the cost of living"

Re: SS increase notification

SeaMaiden — Thu, 10 Dec 2020 14:05:21 GMT

They always increase my medical more so I never see any increase in my S from a Cost Of Living increase ....

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catter70 — Thu, 10 Dec 2020 14:32:39 GMT

I think it was higher last year and I ended up with about one dollar after medicare and supplemental was taken out due to their higher costs.So, I'm not really expecting getting anthing at all on the + side more of a -.

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CelticCrafter — Thu, 10 Dec 2020 14:59:44 GMT

Even with the Medicare increase, the Supplement increase and the Part D increase for both of us we are still coming out a little bit ahead each month.

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Travone — Thu, 10 Dec 2020 14:59:52 GMT

Count your blessings. My work is struggling financially because of the virus. We are still working full time but took a 30% decrease.

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MamaWick — Thu, 10 Dec 2020 15:24:12 GMT

We were notified that our increase letter was ready electronically about 2 weeks ago.

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deeva — Thu, 10 Dec 2020 16:54:36 GMT

I got my letter two weeks ago. I don't think about the COLA, so any increase is a nice surprise.

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catter70 — Thu, 10 Dec 2020 17:12:36 GMT

I haven't gotten the updated figures for COLA, but only for my supplemental, so far. We shallsee. I looked and I did get to keep more than $1.00 then previously stated but not thinking it will be too much this year.

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Still Raining — Thu, 10 Dec 2020 17:20:20 GMT

Not got my letter yet, but this startling news is not going make me alter my biweekly trip to the PO.

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SilleeMee — Thu, 10 Dec 2020 17:24:31 GMT

My Medicare cost went up by $4 a month starting in Jan 2021. I pay out of pocket for it so I know how much it went up.

Re: SS increase notification

Carmie — Thu, 10 Dec 2020 17:33:12 GMT

For most people, their Medicare Part B preminum will increase $3.90 in 2021. This is taken from your SS check, so your SS COLA will probably be pretty much a wash.

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I am still oxox — Thu, 10 Dec 2020 17:38:49 GMT

I am happy for what they give us between Medicare and our Supplement we paid 0 for my hip replacement and hospital stay

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Mindy D — Thu, 10 Dec 2020 23:18:34 GMT

I am not happy because the system used to calculate our annual cost of living does not reflect the actual increase in cost of living for seniors. It's time the COLA was based on our actual expenses. It should be based on the Consumer Price Index for the Elderly (CPE-E). Right now, it's based on the Consumer Price Index for Urban Wage Earners (CPI-W). This underestimates the inflation that those on Social Security deal with because it does not give weight to our expenses, such as increasing health care and housing costs including property taxes, insurance, rent. The CPI-E is 2/10 of a percentage point higher than the CPI-W. This adds up over time in the amount of benefits seniors get.

I'd like to see support for legislation such as the CPI-W Act, the Guaranteed 3% COLA ACT*, or the Seniors Security Act.

*My favorite.

Re: SS increase notification

chrystaltree — Thu, 10 Dec 2020 23:29:59 GMT

Like my sister said. She'll get the teeny tiny increase but it will be offset by the Medicare premium which will go up. So her check will actually be less than what she gets now.

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Carmie — Fri, 11 Dec 2020 00:29:05 GMT

@Mindy D I read that there are some ideas to send an extra $300 every month to people on SS. That would be a godsend for people who are at or below the poverty level.

I don't know where that money is gonna come from, but I believe that everyone should pay SS taxes on 100% of their earned income.

Currently, you pay SS taxes on the first $142,800. So, as always the people who make less pay SS on 100% of their wages, the the large wage earners on pay SS taxes on a portion of their income. This is a pet peeve of mine.

I am not going to hold my breath waiting for a good increase.

Oh another thing that ticks me off. Those stimulus check,we received last spring are not taxable, but some of us got smaller checks as well a month or two later that was interest that was sent because the checks were late. That interest Is taxable. So now I have to claim an extra $10 and change on my taxes....and the government is going to send out a form to file with the taxes if the amount received is over $10.

This is so silly and wasteful. It will cost more to send out the forms than the money the IRS will make.

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ALRATIBA — Thu, 10 Dec 2020 23:56:45 GMT

I just looked up the SSA and Medicare increases on their websites and I think I'm going to come out okay. I have the basic Medicare. My supplemental (retirement benefit) plan picks up what Medicare doesn't pay with a very small co-pay.

For 2021, the Medicare Part B monthly premiums and the annual deductible are higher than the 2020 amounts. The standard monthly premium for Medicare Part B enrollees will be $148.50 for 2021, an increase of $3.90 from $144.60 in 2020.

I paid into social security for almost 50 years, so my benefit is pretty good ... Looks like I'll come out a few bucks ahead.

Re: SS increase notification

Mindy D — Fri, 11 Dec 2020 00:42:55 GMT

@I am still oxox wrote:
I am happy for what they give us between Medicare and our Supplement we paid 0 for my hip replacement and hospital stay

@I am still oxox How much is the annual cost of the supplement? I've been thinking about switching to one.

Re: SS increase notification

kivah — Fri, 11 Dec 2020 00:44:05 GMT

The government keeps our S/S increases very low --- because they're busy stealing our money - or wasting it. Nothing left for us seniors.