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Honored Contributor
Posts: 13,510
Registered: ‎05-23-2010

Re: Paltry Social Security COLA Increase Announced For 2017

[ Edited ]

I have read that a change in the way the cost of living is calculated is under considereation. The cost of living formula considers elements of Americans cost of living that are not as relevant for most seniors. The new formulation would account for seniors' spending habits versus the spending habits of younger people. http://blogs.wsj.com/experts/2015/10/20/how-social-security-unfairly-calculates-the-cost-of-living-f...

Esteemed Contributor
Posts: 6,472
Registered: ‎03-09-2010

Re: Paltry Social Security COLA Increase Announced For 2017

Wait to see what happens with the new adminstration.

Honored Contributor
Posts: 14,091
Registered: ‎01-02-2011

Re: Paltry Social Security COLA Increase Announced For 2017


@Mindy D wrote:

I have read that a change in the way the cost of living is calculated is under considereation. The cost of living formula considers elements of Americans cost of living that are not as relevant for most seniors. The new formulation would account for seniors' spending habits versus the spending habits of younger people. 


Can you remember where you read that?  From what I've read, there's another way to calculate the COLA which will hurt seniors more than the present method.  

 

@Mindy D

Honored Contributor
Posts: 13,510
Registered: ‎05-23-2010

Re: Paltry Social Security COLA Increase Announced For 2017


@hopi wrote:

Wait to see what happens with the new adminstration.


I'm afraid of this. I feel like I am a pariah to many because I am collecting my benefits. 

Honored Contributor
Posts: 39,554
Registered: ‎08-23-2010

Re: Paltry Social Security COLA Increase Announced For 2017


@Maudelyn wrote:

Increase the social security payroll tax cap.  MIllionaires and billionaires pay no social security tax on any earned income over $118,500.  That needs to end. Those who can well afford to contribute to the system that helped create their wealth need to pay more.


@Maudelyn

 

ITA ....  I'm not sure there should be any "cap" at all!  The laws need to be updated.       

Esteemed Contributor
Posts: 7,328
Registered: ‎08-20-2012

Re: Paltry Social Security COLA Increase Announced For 2017


@Mom2Dogs wrote:

....plus income tax is paid on your S.S.....wasn't tax paid on it at the time is was earned.......we are taxed to death.

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That has always been my understanding! I do consider it a double taxation system and unfair!!