Know Someone Over 50 Making a Difference? Nominate Them for the AARP Purpose Prize

Reply
Trusted Social Butterfly

Re: Social Security Cost of Living

1,318 Views
Message 61 of 68

My insurance agent told me that in 2020 Doctor`s office calls won`t be covered by Medicare. This will save Medicare billions in medical cost. Those who turned 65 before will grandfathered in -but those younger will be affected..  Checked a different source and found it is not set in stone yet but could be a way to help save medicare or at least put off bankruptcy for another decade.

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

1,333 Views
Message 62 of 68

Andyrew wrote:

We hear all the time that the Social Security  money will run out by 2034.  Workers and employers are paying into Social Security every week.  You NEVER hear about the Welfare fund running out.  Who the devil is paying into that fund???  Must be the people that have to work for their money and pay taxes.  One can tell who is telling the Federal Government what to do. 


Today there are not enough workers supporting beneficiaries.

See this chart from the Social Security

Social Security History - Workers to Beneficiaries ratio

 

Back in 1950, we had 16.5  Workers for every beneficiary.

In 1970, there were 3.7 workers for every beneficiary

in 2013 we only had 2.8 workers for every beneficiary.

Today, we are getting close to the 2.5 ratio to workers: beneficiaries 

And we have 10,000 baby boomer generation seniors retiring everyday, ready to begin their SS benefit.

 

Social Security is a pretty much pay as you go system and that is not working in present form.

 

The money will NOT run out in 2034 - that is the estimated time of insolvency and what that means is, the surplus will be depleted and we will be paying benefits solely on revenues coming into the program by payroll taxes and taxes paid on benefits and according to the Social Security law, benefits will be REDUCED for every beneficiary to cover the shortfall - this has been estimated to be about a 23% reduction where people would only be getting about 77% of the current benefit.  If it does not get fixed by our legislators, sooner rather than later, this change (reduction) in benefits will be automatic.

 

You do realize that 75% of what Medicare beneficiaries spend on Part B comes out of the General Fund - premiums only cover 25% of the cost.  Would you consider Part B Medicare to be Welfare?  Comes from the same place where Medicaid is covered, same place other "welfare" programs come from - the General Fund.

 

Would you pay more in Part B premiums to make this Medicare Part B benefit more self- sufficient, I.e. It would be less Welfare!!!!!!

 

Payroll taxes in your working years only cover Medicare Part A, not Part B or Part D.

Report Inappropriate Content
Info Seeker

Re: Social Security Cost of Living

1,349 Views
Message 63 of 68

We hear all the time that the Social Security  money will run out by 2034.  Workers and employers are paying into Social Security every week.  You NEVER hear about the Welfare fund running out.  Who the devil is paying into that fund???  Must be the people that have to work for their money and pay taxes.  One can tell who is telling the Federal Government what to do. 

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

1,444 Views
Message 64 of 68

de4297 wrote:

I figure a 2% cola increase and then I figure my increased premiums in my prescription drug and supplement insurance coverage.   WELL GUESS WHAT—I NOW HAVE A NEGATIVE 👎 NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derrière! 


And you haven't even included an increase in Part B premiums.  Predictions have it that Part B premiums will go to $ 134.00 per month - that is what those now signing up are paying.

 

Deductible for Part A and B will also be increasing but your supplemental policy may pay that for you.

Report Inappropriate Content
Info Seeker

Re: Social Security Cost of Living

1,465 Views
Message 65 of 68

I figure a 2% cola increase and then I figure my increased premiums in my prescription drug and supplement insurance coverage.   WELL GUESS WHAT—I NOW HAVE A NEGATIVE 👎 NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derrière! 

Report Inappropriate Content
Highlighted
Info Seeker

Re: Social Security Cost of Living

4,892 Views
Message 66 of 68

I was under the inpression that a cost of living raise would be given to everyone on social security as well as SSDI/SSI yet was incorrect! I was given some runaround from social security about how because the amount of my Medicare premium being deducted from my check that my check will continue to be the same amount forever! 

Report Inappropriate Content
Trusted Social Butterfly

Re: Social Security Cost of Living

5,042 Views
Message 67 of 68

r409 wrote--The average senior on social security receives about $7.00 per hour based on a 40 hour week by comparison.----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------So you think a retired senior should earn the same as someone who works 40 hours a week?  The federal national minimum wage is $7.25/hour. Many who paid SS maximum for several years  get almost double that. FYI- Trump promise that recipients will get a healthy raise in 2018 compared to what we got during the Obama years.

Report Inappropriate Content
Info Seeker

Social Security Cost of Living

5,064 Views
Message 68 of 68

Is anyone advocating a cost of living increase for seniors. I here all of this talk about people not being able to live on a miimun wage of less than $15.00 per hour. The average senior on social security receives about $7.00 per hour based on a 40 hour week by comparison. I haven't heard of anyone standing up for people whose primary source of income is social security. We worked hard paid into the social security fund, and the government stole the money to fund other programs. Our cost of living goes up every year, and yet no cola increase. Help!

Report Inappropriate Content