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Re: Social Security Cost of Living

1,656 Views
Message 51 of 68

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

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Re: Social Security Cost of Living

1,583 Views
Message 52 of 68

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.

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Valued Social Butterfly

Re: Social Security Cost of Living

1,567 Views
Message 53 of 68

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

 

 

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Trusted Social Butterfly

Re: Social Security Cost of Living

1,527 Views
Message 54 of 68
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Valued Social Butterfly

Re: Social Security Cost of Living

1,549 Views
Message 55 of 68

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.

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Valued Social Butterfly

Re: Social Security Cost of Living

1,512 Views
Message 56 of 68

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. 

 

 

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Info Seeker

Re: Social Security Cost of Living

1,170 Views
Message 57 of 68

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
 
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Re: Social Security Cost of Living

1,176 Views
Message 58 of 68
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
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Trusted Social Butterfly

Re: Social Security Cost of Living

983 Views
Message 59 of 68

Gail wrote-Haven't any knowledge of that prophesy.  Post his source and the one you found.------------------------------------------------------------------------------------------------------------------------------------------------------------Agent was broker for several insurance companies and he was encouraging me to switch Medigap plan F to G which he said was going to be discontinued in 2020(F). G has a deductible but overall it would be cheaper than F and office calls would be grandfathered in for those 65 or 0lder. Other source was from link that I deleted and forgot. If true ,information should be available when new health care plan is rolled out.

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Valued Social Butterfly

Re: Social Security Cost of Living

989 Views
Message 60 of 68

easyed598 wrote:

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.


Haven't any knowledge of that prophesy.  Post his source and the one you found.

 

There are MANY ways that have been suggested to save money in Medicare and for that matter Social Security too - few have enough backing to pass but we did go through a few of them in the last few years, most of the time as a negotiated compromise in some other legislation.

 

One was the discontinuation of Medigap plans which had 1st dollar coverage - Plans F and C are being discontinued from being sold in 2020.

 

Another was to modify the spousal benefit and delayed retirement for the beneficiary spouse.

 

But as far as overall reform of both entitlement programs - Social Security and Medicare - to make them last for the long term - our legislators are worlds apart.

 

Would you be willing to pay a greater percentage of the cost of Part B in your premium.  It is 25% now but a few years after initiation of Medicare Part B, it was 50%.

 

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