Community Chat

[SusieQ_2]

Fair enough @hckynut , see it as you wish, though I fail to see what a loan has to do with the word entitlement. A loan, unlike SS, is not an entitlement.

I suppose when a bank loans you money that you're legally required to repay back you could ledger if under "bank entitlement" as they are entitled to the repayment of the loan. 

Nevertheless, it's not worth quibbling about so I will simply say.. enjoy skating in good health my friend! 

[Diggerdan]

COLA more than wiped out by Medicare increase.

[50Mickey]

---

@Diggerdan wrote:
COLA more than wiped out by Medicare increase.

How do you figure this?  The Medicare increase for 2022 is $10. The average COLA increase for 2022 is $92. The Medicare increase is far below this. It will most definitely not wipe out your cola. 

---

[Duckncover]

The 5.9% is also taxable..,so don't go spending it all just yet! The SS fund will be depleted a year or two earlier with a raise this large. Guess they will have to go out to that money tree in DC and pick another basket of money...like they are doing right now for other things.

[drizzellla]

NY Times - 

"Benefits from Social Security, which tens of millions of retired Americans rely on to pay their bills, will increase by 5.9 percent in 2022, the Social Security Administration said on Wednesday. It is the biggest boost in 40 years as prices for food, cars and rent keep climbing.

The increase, known as a cost of living adjustment, is the largest since 1982, when the adjustment was 7.4 percent, according to data from the administration. The average benefit — 70 million Americans receive them — would climb to $1,657 a month, up $92 from this year.

The adjustment is a response to consumer prices in the United States that have jumped at their fastest pace in years. It is tied to the Labor Department’s Consumer Price Index, which rose 5.4 percent in September from a year earlier.

Inflation has accelerated this year as the global economy recovers from pandemic-driven lockdowns. Early on, the price gains were fueled by rebounding airfares, restaurant meals and other items whose demand collapsed in 2020. More recently, shortages of products and supply-chain challenges have added to the gains.

Consumer Price Index data released on Wednesday showed that prices jumped more than expected last month. Housing prices firmed, and food — especially meat and eggs — cost consumers more.

The maximum amount of a worker’s earnings subject to the Social Security tax will also increase, to $147,000 from $142,800, the administration said."

The increase is because of the jump in Consumer Price Index. That is the reason for a 5.9 increase. And since inflation has "accelerated" according to the NY Times article. The Social Security increase is just keeping up with inflation.

[hckynut]

---

@Duckncover wrote:

Guess they will have to go out to that money tree in DC and pick another basket of money...like they are doing right now for other things.

@Duckncover 

I remember my mom talking about "money growing on trees" back in the 1940's". Thanks to a term called "Quantitative Easing", now in 2021 paper money is being printed in our country at $2,000,000 000 every month. Printing $100 Bill's that are now worth what, $60?

No tree, just printing paper money, and acting like there is something to back it up, like gold! That shipped sailed about $23 Trillion ago.

hckynut 

---

[Nuttmeg]

---

@50Mickey wrote:

---

@Diggerdan wrote:
COLA more than wiped out by Medicare increase.

How do you figure this?  The Medicare increase for 2022 is $10. The average COLA increase for 2022 is $92. The Medicare increase is far below this. It will most definitely not wipe out your cola. 

---

---

There are many other costs that can chip away at this $92. These vary and can be the Increase in Medicare part D premiums, co-pay for meds, deductible amounts.

[gertrudecloset]

Everyone's monthly benefit will depend on the amount of quarters the SSA says you've worked and put into the system.  10 years = a quarter.  Of course, they will also use your highest earnings toward the latter part of your working period to determine your benefit.

It also factors when you retire.  Some people retire way after the allowed time and sometimes they retire before they are supposed to.  Beginning to collect before the recommended time will not give you your full benefit.

Why are people on here telling how much monthly benefits they get?  

[gertrudecloset]

---

@SharkE wrote:

---

@50Mickey wrote:

@hckynut    Maximum  benefit is $3895. To receive this you need 35 years of high earnings.   

Social Security and Medicare are entitlements because those who have paid into the system for the required number of quarters are entitled to receive these benefits without means testing. In this case entitlement is NOT a derogatory term. 

---

I heard somebody say they were going to cut down the folks on the high end of SS as you mentioned above @50Mickey . Are you aware of this possibility?  I've heard about the 600 reporting to the IRS, but, I think this gal listens to conspiracy theory nonsense.

---

You heard wrong.  What you heard was pure fabrication!  No one will be cutting down on higher SS recipients.

[gertrudecloset]

---

@bewise wrote:

I heard that increase will amount to 94.00 a month.I sure will take that.Many years almost nothing.

---

@bewise that amount will be more for some.  The more you get the bigger the percentage, right?