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Bronze Conversationalist

Re: Social Security Cost of Living

1,168 Views
Message 11 of 68

davidw994077 wrote:
Snap is a joke, ....... My friends post office pension is double what I get because it was invested. ...

Your friend's pension is based on the federal employee pension system.  His federal pension deductions were invested in the same type of Treasury bonds as Social Security.  If he was on the older Civil Service Retirement System (CSRS), the amount is a formula that approximates to "(Years service - 2) times 2% times the average high 3 years salary.  For example, (30 years - 2) * 2% * $50K avg = ~$28,000/yr or about $2333/mo.  About 56% of the high 3 average salary.  Most CSRS retirees do not receive SS because they never paid into it.  They may participate in the 401k style Thrift Savings Plan (TSP) without employing agency matching funds.

If he was under the 1984 new hired Federal Employees Retirement System (FERS), the minimum is 1% per year times the high 3 year salary.  For the example above, his pension is about 30%, plus anything withdrawn from his personal TSP with employing agency matching funds.  FERS retirees also pay into Social Security and receive a SS benefit check as well.

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Bronze Conversationalist

Re: Social Security Cost of Living

1,156 Views
Message 12 of 68

davidw994077 wrote:

Actually we do give a tremendous amount of country welfare to the tune of 100's of billions. Israel now gets close to 8 billion a year. And the above is only country bribe welfare. It doesn't include billions in military aid. Afganistan and Iran are into the trillions in waste. And then of course the ponzi scam of using Social Security and Medicare collected funds as a back door income tax through accounting trickery.


The 2017 U.S. budget for foreign aid is $50 billion, a little over 1% of the total U.S. budget.  It is not 100's of billions.  Most Americans overestimate the foreign aid budget to be 25-30% of the total US budget.  Compare that to the $1.5 Trillion spent on Social Security and Medicare annually.  The 2% SS COLA increase is going to cost a minimum of $18 Billion in 2018.  And Israel's foreign aid amount is $3.1 Billion, not $8 billion.  It might reach that much with private aid but I haven't found a definitive amount for private donation aid to Israel.

For your research pleasure:

https://explorer.usaid.gov/aid-dashboard.html  For total aid.

https://explorer.usaid.gov/cd  For by country.

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Info Seeker

Re: Social Security Cost of Living

1,164 Views
Message 13 of 68
Snap is a joke, most seniors only qualify for $16. in food stamps in Florida. Food banks give small quantities of food and it takes going to many food banks to get enough for a month. Thanks to the FED [a private bank] we suffer from hyper inflation. The dollar only has less than a nickel of purchasing power. Only the very poor get Medicaid in Florida. My friends post office pension is double what I get because it was invested. The government has been siphoning funds out of Social Security for decades through accounting trickery to fund the government through Treasury.
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Info Seeker

Re: Social Security Cost of Living

1,156 Views
Message 14 of 68

Actually we do give a tremendous amount of country welfare to the tune of 100's of billions. Israel now gets close to 8 billion a year. And the above is only country bribe welfare. It doesn't include billions in military aid. Afganistan and Iran are into the trillions in waste. And then of course the ponzi scam of using Social Security and Medicare collected funds as a back door income tax through accounting trickery.

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Valued Social Butterfly

Re: Social Security Cost of Living

1,113 Views
Message 15 of 68

richardpc373032 wrote:

 When are we going to quit giving to foreign countries and start giving to American citizens especially our seniors don’t earn enough to even live eat or have proper medication it’s a disgrace 


We really don't give much foreign aid.  

Social Security was never meant to be a person's total retirement income.  

Anybody that thought they could better sign up for all the government programs they can to make ends meet -

 

Using your two items from above -

Eat - SNAP, food banks, charities

Medication - Medicaid, charities

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Info Seeker

Re: Social Security Cost of Living

1,108 Views
Message 16 of 68

 When are we going to quit giving to foreign countries and start giving to American citizens especially our seniors don’t earn enough to even live eat or have proper medication it’s a disgrace 

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Valued Social Butterfly

Re: Social Security Cost of Living

1,213 Views
Message 17 of 68

nyjaxer wrote:

I got a$5 @ month.... AARP magazine mailed to your home had article

MEDICARE 2018 in their December issue  PAGE 4//READ IT 

stating that a $27 raise monthly to folks  getting $1377...   I got $5

WHy because they raised  the medicare part B too

AARP article stated that there is a law that prevents Medicare premiums from cutting into SS benefits...     DOES THE GOVERNMENT KNOW THIS??????   AND CAN AARP TELL ME THE NAME AND NUMBER OF THE LAW????   JAX


Reply from Gail1 . . . . 

---------------------------------

Not only does the government know this, they set it up to PROTECT YOU so that  if you are one of the beneficiaries protected by the "Hold Harmless Clause", your SS benefit ( the amount you actually receive ) will not be lower than what you got the previous year.

 

 HERE'S THE LAW - U.S. Code › Title 42 › Chapter 7 › Subchapter XVIII › Part B › § 1395r

 

The standard Part B premium has been $134 per month since January 2017 and $129 for 2016 - because of the "Hold Harmless Clause" your premiums were lower if you were a beneficiary protected by this Clause in those years.

 

Medicare Part B premiums are just the first cost taken from any COLA if your premiums are automatically deducted from your SS benefit - mandated by the government - same law, I am pretty sure.

 

The Social Security system includes two key provisions to help smooth cash flows for certain bene

1.  The first stipulates that if inflation is negative, the Social Security Cost-Of-Living Adjustment (COLA) can never be negative; at worst, the Social Security COLA has a floor of 0.0%.

2.  The second provision, often dubbed the “Hold Harmless” rule, and applicable to as many as 70% – 75% of Medicare enrollees, states that Social Security benefits payments cannot decrease due to rising Medicare Part B premiums; at worst, the Medicare premium increase is capped at the dollar amount of the Social Security COLA increase.

 

You got your 2018 COLA - and you got a new Part B premium and you still made a few bucks. 

 

Medicare Part B is insurance - a joint effort, a shared risk effort - a take one for the team effort - you are either now at your complete share (currently $134 per month) or closer to the 2018 rate.

 

Be grateful you are not a beneficiary that has to pay an Income Related Medicare Monthly Adjustment ( IRMMA) rate for premiums in Part B and Part D.  

Someday you maybe included in this group depending upon your income.

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Conversationalist

Re: Social Security Cost of Living

1,210 Views
Message 18 of 68

I got a$5 @ month.... AARP magazine mailed to your home had article

MEDICARE 2018 in their December issue  PAGE 4//READ IT 

stating that a $27 raise monthly to folks  getting $1377...   I got $5

WHy because they raised  the medicare part B too

AARP article stated that there is a law that prevents Medicare premiums from cutting into SS benefits...     DOES THE GOVERNMENT KNOW THIS??????   AND CAN AARP TELL ME THE NAME AND NUMBER OF THE LAW????   JAX

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Bronze Conversationalist

Re: Social Security Cost of Living

1,170 Views
Message 19 of 68

chasegeo wrote:
mine went from $110 to $134!. last year it went from $104 to $110.

But you forgot to mention that your SS Amount is going up about $40 a month.  And after the $24 Medicare increase your net check is going to be up about $16 more a month over last year, right?  The average person is going to see $0-$3 a month increase at best.

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Info Seeker

Re: Social Security Cost of Living

1,241 Views
Message 20 of 68
mine went from $110 to $134!. last year it went from $104 to $110.
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