How will your Social Security COLA change in 2024? - Page 4

SusieQ_2 · ‎03-27-2012

@Othereeeen wrote:
@Sage04

I'm talking strictly math...if you WERE unfortunate enough to ONLY have a 500 dollar a month SS **TO LIVE ON**, there are lots of programs out there for help. I suppose there are checks that are less, if the average is 1705 a month.

Including the Medicare Advantage Plans that pay part or all of the Medicare premium, or, just Medicaid, which if that was your ONLY source of income, would be available.

$500 dollars a month or less Social Security as the ONLY source of income is 6000 a year in income,well well well below the poverty limit, and would qualify the recipient to almost ALL the programs out there, which thank goodness are available.

Exactly @Othereeeen , and talking strictly math, a 3.2% increase on $500 is $16. The premium that went down last year along with the 8.7% increase (the previous year was 5.9%) is going up by $9.80 for 2024 which is approx 61% of the 3.2% increase meaning the rate did NOT eat up the COLA at all. The problem here is trying to justify SS giving a big enough increase to sustain any kind of lifestyle for some making $500 a month.

Now let's talk about last year's COLA. A $500 premium that went up by 8.7% saw an increase of $43.50 per month and the premium cost went DOWN by $5.20 per month for total monthly increase of 48.70. That's an increase of 9.7% for those making only $500 a month which is pretty darn good and no where near "ate up" the COLA.

Wanna talk 2022? The increase was 5.9 so that means a $29.50 increase on $500 and the premium was raised $21.60 (reduced by $5.20 for 2023 and raised $9.80 for 2024). Not one of those years did the COLA not only more than cover any increases and that includes people making as little as approx $300 per month. Which, honestly, if you're trying to figure out 3.2% of $300 to balance your budget you really have bigger problems than a COLA increase.

ScarletDove · ‎07-11-2010

@ALRATIBA wrote:
I worked and contributed to SS for just about 50 years, and with a fairly good income the last 20 or so years.

So - my SS income these days is rather generous .... I worked for it!

@ALRATIBA My financial situation is similar. Spent majority of my working years planning and saving for a stable financial retirement. The day I was married, my father told me I must learn to take care of myself...how right he was!

ALRATIBA · ‎07-15-2016

@ScarletDove

Similar advise from my father and grandfather ... and to "live below my means."

ScarletDove · ‎07-11-2010

@ALRATIBA wrote:
@ScarletDove

Similar advise from my father and grandfather ... and to "live below my means."

@ALRATIBA Sounds familiar, my parents lived through the Depression so I watched and lived "frugality". It becomes part of life. We were both blessed with parents/grandparents who lived the wisdom they passed to us!

Sage04 · ‎07-10-2011

@Othereeeen wrote:
@Sage04

I'm talking strictly math...if you WERE unfortunate enough to ONLY have a 500 dollar a month SS **TO LIVE ON**, there are lots of programs out there for help. I suppose there are checks that are less, if the average is 1705 a month.

Including the Medicare Advantage Plans that pay part or all of the Medicare premium, or, just Medicaid, which if that was your ONLY source of income, would be available.

$500 dollars a month or less Social Security as the ONLY source of income is 6000 a year in income,well well well below the poverty limit, and would qualify the recipient to almost ALL the programs out there, which thank goodness are available.

@Othereeeen and I do hope that they are getting the help they need. Some might be too proud to ask or accept but that's up to them.

Sage04 · ‎07-10-2011

@ALRATIBA wrote:
I worked and contributed to SS for just about 50 years, and with a fairly good income the last 20 or so years.

So - my SS income these days is rather generous .... I worked for it!

Same here but it's mostly because of my husband. Was not expecting that amount when he passed because I never paid attention to how everything works.

Pink123 · ‎07-10-2019

Yes tho she those are on thw "advantage plans" which are free you don't care who and whar doctor or hospital ou are seeing.

I hope those who are reading this are 65 years of age, please go for Plan G or N. Yes getting will cost you but you cannAdvantage is take ot reverse it unless unless ou are ever without illness. good luck. Advantage is take it or leave it.

I can go to John's Hopskins, MD Anderson, Mayo, Europe, everwhere I wan't. I am on Plan G.

Once you decide to make it "free"" on an advantage plan, you canot look back. It is "free". No look back and I dont know anyone who has a health issue after 65.

PS. the only thing is part D. That's the medicine which I hardly take any. My company wants 115. a month. I think it's outrageus.

If anyone has a better company than Humana please let me know.

Thanks.

soozer · ‎03-26-2010

My point is this: social security COLA is the annual cost of living adjustment. The more the Goverment spends and increases the deficit and reduces the tax base, that is the basis of an economy; spending is more than our GDP. The actual cost of living is more than 3.2% which is not on par with the actual increases you see in food, shelter, fuel and heating costs, etc. Therefore, cuz our spending is more than our revenue, the value of $1 is less. This year's inflation (and that percentage is higher than last years' inflation numbers) -- U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021. U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020.. Americans are falling behind esp those on fixed incomes of those on Social Security. And remember many states as well as the federal government tax those monies.