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Social security increase

Irish 8802
I just got my letter from SSA. $35 per month increase of my own money! Woo-Hoo! I'm gonna blow it all on a half-tank of gas! [:p]
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Comments

23 comments

Date Votes
  • Irish 8802
    In the mail today got my SS notice.
    When they deduct for medicare medical insurance
    when they decuct for medicare prescription plan
    My net increase is
    Wait for it----

    $62.00...

    Just wait till another Singer 1911 comes up!!!!!
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  • gruntled
    If that's per month your SS check must be MASSIVE. Did you remember to deduct the extra income tax on SS?
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  • Junkballer
    You forgot to deduct the taxes we'll be paying [:(!]. You have to give those politicians credit....they are slick when it comes to dealing with other peoples money knowing all we'll do is shout about it, nothing more [B)]
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  • wpage
    2.8% not too shabby...
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  • fordsix
    in the words of a great man....i will take what i can get[;)]
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  • droptop
    Yep, not too shabby. My water 20,000, gas, 15.000 and electricity 60,000 = Call it 100,000 + 70,000 internet total 170,000 / 3100 = $54.00. Not bad, government paid for all my utilities and have money left over for a nice "brunch" twice a month.[:D]

    Thanks to all you tax paying folks, keep up the good work.
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  • Rocky Raab
    My increase, after the boost in Moldycare premiums, is $50 less than before. Oh, whoopee.
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  • gruntled
    My SS increase will be taxed at 12% of 85% or at 10.2%.
    My pension increase will be taxed at 12% of 185% or 22.2%.

    If I could just get my wife to agree to a divorce those numbers would go way down because of the MASSIVE marriage penalty built into the tax on SS.
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  • Rocky Raab
    I feel genuinely sorry for people who depend primarily on SS after retirement. But it was their choice, usually.
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  • mogley98
    Yeah but not everyone can work for the tax man and so many private label employers kicked defined benefit plans to the corner years ago.

    I really don't expect someone earning median wages to manage to save a significant portion above cost of living especially when they fear being taken by the markets.

    Funny thing once my CEO asked me how the folks in environmental services were taking the drop in the market back in 2008, I told him the What?

    99% of the people working in that department had nothing in and nothing therefore to lose they heard about a market collapse it meant nothing to them :)


    quote:Originally posted by Rocky Raab
    I feel genuinely sorry for people who depend primarily on SS after retirement. But it was their choice, usually.
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  • Rocky Raab
    Nonsense. There are few actually working who can't save at least something. Unless they "have to" have that daily Starbucks, the latest phone, that new car, that weekend speedboat, that McMansion as their first home... Like I said: choices.

    Fear of losing it in the market? Losing it from inflation is much more certain.
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  • Marc1301
    quote:Originally posted by Rocky Raab
    I feel genuinely sorry for people who depend primarily on SS after retirement. But it was their choice, usually.

    I started investing in my twenties with SS not existing at all by the time I retired in mind.

    I'm very glad I did that now at 57.[:)]

    Some of my friends are looking at working until death I'm afraid.
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  • Rocky Raab
    I hear you, Marc. Back in the 70s, I was a USAF Captain making $850 a month/$10K a year. My then-USPA investment adviser said that would equate to $40,000 a year needed by the time I was 60. I started putting $100 of that $850 into a mutual fund every month. My wife and I budgeted ourselves $5 a week each for spending money. We paid all our bills but lived frugally.

    Despite three big market corrections in which we "lost" as much as one third of our paper worth each time, we're now what anybody would call very comfortable. We're still with First Command (was USPA) and highly recommend them for all military people.

    It can be done.
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  • bearman49709
    quote:Originally posted by us55840

    Oh, there is going to be an increase?

    Will it be enough to cover the increase in deduction for part B?

    [?]

    My part B went up $1.00.
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  • Spider7115
    An extra $63 for me. I'll take it. [:)]
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  • wpage
    2.8% is better then nothing.
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  • He Dog
    Beats a sharp stick in the eye. Net is $50. That is a new S&W every 18 months or so. Though these days I don't even buy green bananas.
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  • spasmcreek
    MINE WENT UP $25..........what can i buy to celebrate ?????
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  • pickenup
    Mine is going up too.

    I found real estate a better investment, over the years, than the market. I was probably just lucky.
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  • spasmcreek
    i got lucky in a real estate deal that will provide living money now that i cannot work....but the govt took its total of 19% of the capital gains...the peak market was there and hillary was looming on the horizon with a stated tax increase of federal to 28% that would have taken the gains tax (with state following) to around 34-36%... a real steal for doing NOTHING....i have offset the capital gains by purchasing deductible /depreciatable items so i had things i could actually use instead of taking that money out and burning it.....now 4 years later and values have taken a reduction and that peak is no longer there
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  • Mobuck
    How would you feel if $88 was all you got BEFORE they started "deducting"??
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  • Don McManus
    Not that I begrudge you folks any money, but so long as this 'insurance program' is spending more money than it is taking in, increases should be stopped.
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  • jerrywh818
    My wife and I got a net increase of $50.00. don't sound like much but it's $600.00 a year. My Democrat governor is taking it and more. Oregon is lost.
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