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10-15-2015 12:17 PM
@151949 wrote:Social Security was never intended to be anyone's sole source of income in their retirement. An individual has a responsibility to save for their retirement throughout their adult life. A small amount put aside over a lifetime really does add up, and makes for a comfortable retirement. The COLA raises are so small they really don't make a significant difference.
That's true, but not everyone was able to make enough money to to save.
I feel very lucky to have a pension and some savings but everyone is not that lucky or life circumstances changed their fortune.
10-15-2015 12:20 PM
@tansy wrote:It's a strict equation that is used to determine the yearly COLA and there are many in govt attempting to change the way a COLA is figured. Look up unchained vs chained CPI. Pay careful attention to the people you vote for. It does matter.
I remember reading about that. Didn't quite understand it. I will google it. Thanks
10-15-2015 12:22 PM
While I agree it wasn't intended to be a income replacement....
THAT SAID - years ago when I was a kid it wasn't many who had pensions or other means of income after retirement.
Also in addition to the elderly what about those on SSDI and let me preface that with no everybody is a lying abuser in the system. I know somebody near and dear to my heart that one day woke up with a headache and was disabled within three months from a neurolgoical disorder they didn't even know they had.. That person would give anything to wake back up normal and have their abiilty to walk, and be as active as they were without warning. Thank goodness that person had a healthy pension account and a spouse who makes a great salary with the gold standard all health insurances should be..that said - not everybody has those options.
While gas prices may be down..elderly may not even drive. The small % they got was not much but it was something.
10-15-2015 12:22 PM
@Silver Lining wrote:I understand what you're saying, 151949, but what about those who don't drive? There are many elderly people who don't. I know of some who either take a taxi or otherwise pay for transportation to get to their medical appointments, grocery store or pay for deliveries and those costs aren't lowered when gas prices are. Also, some don't have a spouse with whom to share household expenses. Also, through no fault of their own, some people have only SS as income.
Even in the direst times of my life I always put a small amount of my income aside for my senior years. And, believe me , and due to no fault of my own, I have been through some really bad times financially. People who haven't saved for the future were very foolish and are now paying for it in their senoir years. It would be difficult to live on SS alone , even if you got the max amount - which few do.
As someone else said - especially if you are on SS - be extremely careful who you vote for because there are those who want to take as much from us as they possibly can. If you think not getting a COLA raise is bad - wait to see what happens if the wrong ones get elected.
10-15-2015 12:22 PM
what is factored in for COL?
food is ridiculous now
from what i have seen, generic medications are going up and changing tiers
health care is going up
everytime you turn around power companies are looking for rate hikes and getting them.
it is not just the "retired" on SSec folks. there are families relying on SSI and SSDI for their income and they have not worked long enough to retire at 67 taking their full retirement, plus 401k dollars and pensions
10-15-2015 12:23 PM
@DiAnne wrote:I don't think most people rely just on Social Security for their retirement (at least I hope not!). Prices and interest rates have been very low.
Many, many do. I see their cases at my job. You'd be surprised (I was) at the number of people who live on just SS. $1000 a month, $1200 a month, a few as low as $700 a month. If you've been poor your whole life, you don't get much SS and you could not save anything as you aged.
10-15-2015 12:27 PM
@151949 wrote:
@Silver Lining wrote:I understand what you're saying, 151949, but what about those who don't drive? There are many elderly people who don't. I know of some who either take a taxi or otherwise pay for transportation to get to their medical appointments, grocery store or pay for deliveries and those costs aren't lowered when gas prices are. Also, some don't have a spouse with whom to share household expenses. Also, through no fault of their own, some people have only SS as income.
Even in the direst times of my life I always put a small amount of my income aside for my senior years. And, believe me , and due to no fault of my own, I have been through some really bad times financially. People who haven't saved for the future were very foolish and are now paying for it in their senoir years. It would be difficult to live on SS alone , even if you got the max amount - which few do.
As someone else said - especially if you are on SS - be extremely careful who you vote for because there are those who want to take as much from us as they possibly can. If you think not getting a COLA raise is bad - wait to see what happens if the wrong ones get elected.
Well good for you. Not everybody is as lucky as you are.
You may have gone through some "dire" times in your life, but there are a lot of people out there who have it worse than you ever did.
How about having some compassion for them?
10-15-2015 12:30 PM
The COLA used to cover the medicare premium increases. Now only 30 percent of the medicare beneficiaries will cover the costs so those with the highest incomes will have to cover the costs as well as those who did not get the premium deducted from SS and those new beneficiaries.
Food, rent, and medical care has all risen by the way.
10-15-2015 12:34 PM
I have more of a problem with mainly women who never worked a day outside the house or very little getting between one-third and one-half of her husband's Social Security.
That is ridiculous and in this day and age antiquated. If you did not earn a paycheck why should my tax dollars go to you? I know I will be working til I am 67 that is another 20 plus years.
10-15-2015 12:35 PM
As a single mother who rec'd no help from ex-spouse we lived paycheck to paycheck and I did try to put a little nest egg away. Invested return %'s have been near 0%. Not everyone is as fortunate as 154590 , we lived constantly w/dire times.
There but for the grace of God...
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