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Social Security COLA Set at 1.3 Percent for 2021

The Social Security Administration (SSA) announced on Oct. 13 that its annual cost-of-living adjustment (COLA) will be 1.3 percent, an average boost to retirement benefits of about $20 per month for individuals starting in January. (More...)

 

Do you feel that your Social Security benefits are keeping up with inflation?

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@AARPLynne wrote:

The Social Security Administration (SSA) announced on Oct. 13 that its annual cost-of-living adjustment (COLA) will be 1.3 percent, an average boost to retirement benefits of about $20 per month for individuals starting in January. (More...)

 

Do you feel that your Social Security benefits are keeping up with inflation?


Course, we don't know how much those Medicare Part B premiums might take away from that 1.3% bounty - we might be lucky just to net a few bucks.

 

As far as keeping up with inflation - the CPI-W is as good as any.  Of course, everybody could always use MORE money - even if it is just a buck or two.  But until our legislators fix the Social Security system for the long term, getting that additional buck or two from using another index like the CPI-E, would only create insolvency of the SS system sooner.

 

Since most seniors are more affected by Medicare Part B cost and the monthly premiums which are assessed on this part of Medicare, I think we would save more by keeping this type of Medical cost as low as possible.  But alas, we want, what we want, when we want it and we don't case who has to pay.

 

We did get that $ 1200 Covid-19 stimulus earlier this year even though for most (SS) retired seniors, we didn't actually lose any money or a job.  And most of us are no longer supporting a whole family.

 

 

 

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