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Honored Contributor
Posts: 32,482
Registered: ‎03-10-2010

Re: Social Security press release


@nyc1 wrote:

@feline groovy  however,  we read that for those who are also on Medicare,  they will have to pay higher rates which will just about wipe out the increase.


That is the way it has always worked.  Working folks never will get a break.  We'd do well to keep up.  Which we won't. 

Super Contributor
Posts: 420
Registered: ‎06-14-2010

Re: Social Security press release

Well Medicare will be 158 this year and my supplement and drug plan went up exponentially.  Not counting food, electricity, natural gas and gasoline rate explosions.

Honored Contributor
Posts: 16,226
Registered: ‎03-09-2010

Re: Social Security press release

@Magicrat   If I add up what I personally paid into SS, I got everything back already plus some more.

 

Those who believe they never get it back may be making assumptions I don't make.   For example, if my employer would have paid me the amount they had to pay into SS, that would change my figures.  But I never saw anything approaching that during all the years I worked.

 

And if I hadn't had to pay SS, would I have saved that amount of money all the years I worked?  That one I know for sure.  I would not have -  and even if I had saved my share, would I have invested that money better than the SSA did?  No way to know that, but I do know that when we read what the stock market returns in a year's time, the average retail investor earns only a percentage of that amount. 

 

I would love to see the SS law change to the advantage of retirees, but that's a congressional hot potato.  Not holding my breath!

 

 

Honored Contributor
Posts: 9,278
Registered: ‎03-09-2010

Re: Social Security press release


@Magicrat wrote:

You never get back what you paid in.  You couldn't possibly live long enough for that to happen.  That's what they bank on.


Not true, I've gotten back more than what has been paid in.

I guess it all depends on when you started receiving benefits.

Honored Contributor
Posts: 18,320
Registered: ‎01-10-2013

Re: Social Security press release

Happy for the increase,

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Esteemed Contributor
Posts: 6,788
Registered: ‎08-18-2016

Re: Social Security press release


@CelticCrafter wrote:

@Magicrat wrote:

You never get back what you paid in.  You couldn't possibly live long enough for that to happen.  That's what they bank on.


Not true, I've gotten back more than what has been paid in.

I guess it all depends on when you started receiving benefits.


 

... and the amount.

The 5.9% increase some are anticipating will be more than double the dollar increase I see.

Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Social Security press release

Social Security and Medicare Part B premiums​

​Most Social Security recipients will see their COLA reduced by an increase in the cost of Medicare. Medicare Part B premiums, which cover physician visits and outpatient medical services, are typically deducted directly from Social Security benefit payments. The 2022 monthly premium for Medicare Part B recipients has yet to be announced; the standard premium in 2021 is $148.50 per month. An increase of about $10 is projected for 2022.





A Negative Mind ~ Will give you a Negative Life