The House Bill Would Mean a Tax Hike for Millions of Seniors. Learn More

Reply
Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 1 of 20 (527 Views)

That is a far cry from what you said earlier -

Gail wrote -You posted:

 My insurance agent told me that in 2020 Doctor`s office calls won`t be covered by Medicare. 

 

The reason that Medigap Plans F and C are going away is because those are the only plans left which have 1st dollar coverage and we know it saves money when seniors have at least some skin in the game.

 

I'd be leery of an insurance salesman or saleswoman who is trying to get you to change plans right now because much of your pricing depends on how the plan you have bases their premium - might be good to know before you makena decision.  Also good to know is if there is repercussions to you if you do change since you may not have guaranteed issue rights.----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------That is what the agent told me but being skeptical I checked and found nothing is set in stone yet as we are still living with Obamcare. Prices agent quote was $40/ month less than what I pay now for plan F and he was pushing plan G which was $55 less than I am paying . I got a quote from AARP and it was $50/month more than I `m paying now so decided to stick with my present plan.

Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 2 of 20 (529 Views)

IM267 wrote -  I agree Social Security is taken out of every paycheck & I assume since people working now make Wayyy more money then I did must be paying in more so I want to know also where is that money going?   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------It all went away when LBJ integrated SS funds into the general fund, which is now 20 trillion in debt.

Info Seeker
Posts: 2
Registered: ‎04-26-2016

Re: Social Security Cost of Living

Message 3 of 20 (574 Views)

Is that True? Because I sure have not seen a raise in a long time.

Info Seeker
Posts: 2
Registered: ‎04-26-2016

Re: Social Security Cost of Living

Message 4 of 20 (576 Views)

I agree Social Security is taken out of every paycheck & I assume since people working now make Wayyy more money then I did must be paying in more so I want to know also where is that money going? I worked my whole life to now find I have to live with my 89 year Old Mother because I don't Qualify for a Apt or even a mobile Home because I don't make 3 times the monthly Rent, Dear God I ran Million dollar Company's as a Regional Mgr & everyone of those company's went bankrupt so of course I don't have a 401 k I then as a Single Woman opened a small business Wow what I thought was the American Dream in Mall's then the Mall raised all the Rent put me out because I wasn't big Corporate store's. The Dream was lost along time ago & now after all this when my Mom dies I will be homeless & I love our Country my Dad died for the flag & I respect our Veterans, but something needs to happen to help Seniors so we all don't end up homeless because our money is going to illegals that never paid into the system. Sorry for my Rant but I didn't work my Ass off not have Children to end up Homeless.

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

Message 5 of 20 (583 Views)

easyed598 wrote:

Compare Medicare Supplement Plans With Medicare Plans Online


That is a far cry from what you said earlier -

You posted:

 My insurance agent told me that in 2020 Doctor`s office calls won`t be covered by Medicare. 

 

The reason that Medigap Plans F and C are going away is because those are the only plans left which have 1st dollar coverage and we know it saves money when seniors have at least some skin in the game.

 

I'd be leery of an insurance salesman or saleswoman who is trying to get you to change plans right now because much of your pricing depends on how the plan you have bases their premium - might be good to know before you makena decision.  Also good to know is if there is repercussions to you if you do change since you may not have guaranteed issue rights.

 

Medicare.gov - Cost of Medigap Policies

 

Medicare.gov - Guaranteed Issue Rights

 

 

Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 6 of 20 (593 Views)
Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

Message 7 of 20 (624 Views)

mahubbard wrote:

As a female single senior who has worked 40+ years as an RN, I agree!! I retired this year at 66 but will need to work part time for who knows how long to maintain a standard of living of what??? $30,000 a year? And I still have a mortage. 

Spoiler
 

Hope you are pretty close to having that mortgage paid off.

 

Retirement is not just stopping doing a job you have done for 30 - 40 years.

It is about making life changes so that you can live a lower pace out of the rat race.  Social Security was never meant to be a total retirement package - it just works with the rest of your plan.

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

Message 8 of 20 (627 Views)

vonl983768 wrote:
I agree. our government should be held accountable to put every dollar back into SS they have stolen. It was not their money to use in the first place

The money never went anywhere in numbers - the Trust Fund still shows a reserve of about $2.8 Trillion.  But since the baby boomer generation is hitting the Social Security rolls claiming their benefit and since the number of workers paying into the system has diminished for several reasons, the Trust Fund continues to go down.

 

Our nation is in debt and they just use the Trust Fund numbers to show we are less in debt. 

 

By 2034, the SS Trust Fund Trustees tell us that the Trust Fund will become insolvent.  That does not mean that it is broke - it means that since SS is pretty much a pay as you go program, that at that time, without some type of prior reform, ALL benefits will be cut about 23% so you will only get about 77% of your benefit.

 

Basically, SS works like this -

payroll taxes are collected and benefits are paid

other revenues also flow into SS - the taxes some people pay on their benefit goes back into SS.

When we collect more than what we pay out, special treasuries are purchased and this build the reserve.  So SS also gets the interest on these securities.

 

When benefits being paid out get bigger than the revenues coming in,some of those treasuries are sold to make up the short fall.

 

This last part is happening more and more because of the number of beneficiaries in comparison to the payroll taxes coming in - 

 

There are 10,000 baby boomers retiring EVERYDAY and this will continue on for many more years.

 

Getting any sort of COLA just adds to the financial problem of the Trust Fund.

But we won't see much of this 2% COLA since Medicare Part B premiums will take up much of this.  The Part B premiums for 2018 haven't officially been announced but the numbers folks are betting on Part B premiums being set at $134 per month for most everybody.  Higher income seniors (over $ 85,000 per year - single) pay more. 

 

 

Info Seeker
Posts: 1
Registered: ‎09-25-2012

Re: Social Security Cost of Living

Message 9 of 20 (635 Views)

As a female single senior who has worked 40+ years as an RN, I agree!! I retired this year at 66 but will need to work part time for who knows how long to maintain a standard of living of what??? $30,000 a year? And I still have a mortage. 

Spoiler
 
Info Seeker
Posts: 1
Registered: ‎10-31-2017

Re: Social Security Cost of Living

Message 10 of 20 (649 Views)
I agree. our government should be held accountable to put every dollar back into SS they have stolen. It was not their money to use in the first place