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Esteemed Contributor
Posts: 7,468
Registered: ‎03-30-2014

Re: SS increase notification

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

Honored Contributor
Posts: 36,156
Registered: ‎05-22-2016

Re: SS increase notification

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.

Honored Contributor
Posts: 18,926
Registered: ‎10-25-2010

Re: SS increase notification

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.

Honored Contributor
Posts: 15,567
Registered: ‎03-09-2010

Re: SS increase notification

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

Stop being afraid of what could go wrong and start being positive what could go right.
Honored Contributor
Posts: 13,510
Registered: ‎05-23-2010

Re: SS increase notification

[ Edited ]

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.

Honored Contributor
Posts: 31,154
Registered: ‎05-10-2010

Re: SS increase notification

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.  

Honored Contributor
Posts: 18,926
Registered: ‎10-25-2010

Re: SS increase notification

[ Edited ]

@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.

Honored Contributor
Posts: 13,492
Registered: ‎07-15-2016

Re: SS increase notification

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.

 

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

Re: SS increase notification


@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.

Esteemed Contributor
Posts: 5,188
Registered: ‎03-11-2010

Re: SS increase notification

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