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SSA 0.3% Raise


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Seems to me a few years ago when fuel prices went through the roof everyone expected a BIG bump in COLA. Government told us that fuel didn't factor into COLA that much. This year they tell us the drop in fuel prices was a MAJOR contributor to a low COLA. ????????

 

Lenp

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I don't know how it worked out that way. But 100% of my COL 0.3% raise all went to a Medicare increase.

 

 

Most Medicare participants did not pay increased premiums over the past couple of years when the COLA was zero. But the actual premium went up, nonetheless. Therefore, this year the small COLA increase was "absorbed" by the accrued premium increases. This will happen again next year until an individual's premium payment catches up with the current premium cost. The only "good news" is that you don't have to pay retroactively for the premiums you didn't pay when there was no COLA increase.

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It is not fair! We worked hard last year so we deserve a raise in Social Security!!

 

Just like ALL the private companies give cost of living raises to ALL the retirees who were under the defined benefit retirement plan. That was before most all of them changed to some form of 401K plan.

 

:( :( :) :)

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I remember when my company cashed out our pension plan many years ago and converted to 401k's. There had been a big scandal with companies not funding their pension plans and going out of business leaving the retirees with nothing. As time goes on there are less and less people covered by pension plans so it doesn't seem to get as much press?

 

Sadly the problem still exists:

Top 25 Corporate Pension Plans Alone Are Underfunded By Over $225 Billion

http://www.zerohedge.com/news/2016-08-22/top-25-underfunded-corporate-pension-plans-are-225bn-underwater

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Just like ALL the private companies give cost of living raises to ALL the retirees who were under the defined benefit retirement plan.

That was "tongue in cheek" was it not? I know mine sure hasn't seen any increases.

 

SS was never designed to be a primary retirement plan but only as a safety net for those who didn't have anything else. Over the years the different situations it pays for has expanded far beyond the intent at inception.

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Well i don't have the medicare as i get va health care. so i probably be getting an extra 12 bucks from both. so i might be able to squeeze an extra 3/4 gallons of fuel. This is sad, as seems to me that if fuel prices are low they get factored in if high they don't/ talk about playing with numbers.

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That was "tongue in cheek" was it not? I know mine sure hasn't seen any increases.

 

SS was never designed to be a primary retirement plan but only as a safety net for those who didn't have anything else. Over the years the different situations it pays for has expanded far beyond the intent at inception.

Yes, my comment below was meant to be tongue in cheek.

 

Just like ALL the private companies give cost of living raises to ALL the retirees who were under the defined benefit retirement plan.

There are not many private companies with defined benefit plans with COL increases. However there are quite a few government (city, county, state, etc) with COL increases. And there are a number of those government entities who are having serious problems figuring out how they are going to pay for the unfunded liabilities some of these very generous pension plans have created.

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Due to being retired, and Pre 65, I get a a crying like chuckle that increases in Health Insurance do not impact my budget in any way. Thus, Health Insurance is also not part of the the COLA formula:)!

 

Factor in the increase need for kleenex to support the higher Health Insurance - and well, another COLA opportunity missed...

 

Oh well, it could be worse - my property taxes, sales tax, utilities, bookies - could all not be part of the COLA formula too...

 

Just went a week ago to our companies Retirees Group Christmas Luncheon. One of the biggest complaints I consistently heard, was that the (The government, as in our representatives.), keep changing the rules on those that have 'retired'. And with the exception of those, as mentioned in the earlier posts, that do get regular increases in retirement benefits - they're on a relatively 'fixed income'. Must have heard at least 4 to 5 times, that if they, yep our representatives, are going to change the rules. Do so those that 'have not yet retired', so they can adjust and plan for the changes in the rules. I recall in both the 60's and 70's major changes, that had 'grand father' like clauses in them. Say 55 and over stayed with the old rules. Those under 55, well, they had time to adjust and compensate for the changes...

 

In three years since retiring, we've had changes to Heath Insurance post ACA, and they changed the SS rules, eliminating two of the strategies my wife and I had planned to run with...

 

If this keeps up, I may have to start selling genuine raincoat discounted watches. And I've told the DW she may need to start dusting off her swamp land sales techniques in Florida:)!

 

Best to all,

Smitty

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Our country is dealing with some serious issues because of all the baby boomers reaching retirement age. In the past, many of us would have been dead already. However, advances in medical technology have enabled us to grab a few more years. There are no easy answers. This too shall pass.

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  • 2 months later...

I sure as heck would love to see the increase. I was looking at the paperwork they sent me about my Soc Sec benefits, I have been getting the same amount for the past 5 yrs. And my wife is supposed to get 98% of 55% of my benefit. She doesn't even get half of my benefit. I am told I get the Max amount but my SS is offset by my FECA Benefits. Which I have been receiving since I was 49 years old. I am now 65. I was forced onto Medicare when I was 51.

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