NCPSSM — In 1935, President Franklin D. Roosevelt signed...

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“In 1935, President Franklin D. Roosevelt signed into law the great Social Security program. It was designed to give workers an income after retirement. Today, it’s not so great. The tiny Social Security increase that will be bestowed on retirees and...

In 1935, President Franklin D. Roosevelt signed into law the great Social Security program. It was designed to give workers an income after retirement.

Today, it’s not so great. The tiny Social Security increase that will be bestowed on retirees and the elderly in January is a cruel fraud perpetrated by the government. That’s because increases in Medicare Part B and Part D insurance premiums will negate all of the Social Security 2% cost of living increase for many recipients. Instead of staying even, we’ll fall behind.

I just got my annual benefits letter from Social Security. It says I will get $24 a month more next year. However, after the Medicare premium increases, my new Social Security check will be $3.40 a month less than the one I currently get. (The government deducts Medicare premiums from Social Security checks.)

More on this topic can be read by clicking here.

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2018 Social Security COLA Won’t Meet Seniors’ Needs.

  • The just-announced 2.0% cost-of-living increase (COLA) for Social Security beneficiaries is woefully inadequate. The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries. 
Source: bit.ly
politics social security COLA cost of living adjustment seniors retirement retirees retirement crisis entitlements entitlement reform social insurance elderly older americans healthcare health care p2

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#politics #health care #social security #COLA #cost of living adjustment #seniors #retirement #retirees #retirement crisis #entitlements #entitlement reform #social insurance #elderly #older americans #healthcare

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ncpssm.org

No Social Security COLA Increase + Massive Medicare Hike for Millions

No social security COLA increase in 2016 means Medicare premiums will skyrocket for millions of Americans.

Today’s announcement that there will be no Social Security cost-of-living adjustment (COLA) increase next year, for only the third time in 40 years, means that millions of seniors who rely on their Social Security to get by will once again find their expenses outpacing their Social Security benefit.

via Entitled to Know.

Source: ncpssm.org social security COLA politics medicare health care retirement retirees retirement crisis entitlements entitlement reform seniors elderly cost of living adjustment
Today’s announcement that there will be no Social Security cost-of-living adjustment (COLA) increase next year, for only the third time in 40 years, means that millions of seniors who rely on their Social Security to get by will once again find their expenses outpacing their Social Security benefit.
via Entitled to Know.
Source: ncpssm.org social security COLA politics news entitlements cost of living adjustment p2 seniors retirement retirees retirement crisis entitlement reform congress GOP republicans
news.morningstar.com

Fighting Inflation in Retirement

The news that Social Security beneficiaries won't receive an inflation adjustment next year has renewed debate about how we measure the cost of living for seniors.

A strong case can be made that the current formula driving Social Security’s cost-of-living adjustment (COLA) is out of whack. The COLA is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which gauges a market basket of goods and services of working people–who tend to be younger and spend less on healthcare than seniors.

via Morning Star.

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Since 2009, Social Security beneficiaries have seen a 0% COLA increase three times (2009, 2010, 2016) with an average of just 1.2% increase over those years, confirming yet again, that the current Social Security COLA formula isn’t accurately measuring seniors’ expenses. 

Source: ncpssm.org social security politics entitlements p2 retirement retirees retirement crisis entitlement reform COLA cost of living adjustment seniors elderly social insurance older americans
reut.rs

Rising Medicare costs leave many U.S. seniors with a flat COLA

Millicent Graves will get araise from Social Security next year, but her household budgetwill get worse, not better.

The 2 percent cost-of-living adjustment (COLA) announced by Social Security for 2018 last month will boost Graves’ monthly benefit by $20.70. But in reality, that increase will be wiped out by a higher Medicare Part B premium, which will be deducted from her Social Security benefit.

The federal government announced last Friday that the standard Part B premium will be $134 per month next year, unchanged from 2017. That sounds like good news at first blush. But for roughly 70 percent of seniors, Social Security benefit amounts will stay flat due to the relationship between the premium and the Social Security cost-of-living adjustment.

via Reuters.

Related Reading:

2018 Social Security COLA Won’t Meet Seniors’ Needs.

  • The just-announced 2.0% cost-of-living increase (COLA) for Social Security beneficiaries is woefully inadequate.
  • The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries.
  • For many seniors, the COLA increase will be completely negated by the increase in Medicare premiums for 2018 (about 23%).
Source: bit.ly politics p2 COLA social security medicare health care healthcare older americans elderly retirement retirees retirement crisis entitlements entitlement reform cost of living adjustment seniors
What’s been hailed as the largest Social Security cost-of-living adjustment (COLA) in five years doesn’t go very far in the real world where retirees live. The 2.0 percent boost in COLAs for 2018 amounts to only $27 a month for the average retiree —...

What’s been hailed as the largest Social Security cost-of-living adjustment (COLA) in five years doesn’t go very far in the real world where retirees live. The 2.0 percent boost in COLAs for 2018 amounts to only $27 a month for the average retiree — barely enough for a prescription co-pay, a tank of gas, or a bag of groceries.

What’s more, average beneficiaries will see their COLAs almost completely wiped out by rising Medicare Part B premiums. Those premiums will likely go up by $25 per month in 2018, making the math pretty simple. Many retirees will net only $2 extra per month, which might buy a cup of coffee but not much else.

More from this article can be found here.

Source: bit.ly politics social security COLA retirement retirees retirement crisis entitlements entitlement reform older americans elderly seniors p2 cost of living adjustment earned benefits social insurance
bit.ly

Seniors Can Expect Small Increase in Their 2020 Social Security COLA

According to the National Committee to Preserve Social Security and Medicare (NCPSSM), the upcoming COLA change will give a whopping $24 per month increase for the average beneficiary. With Medicare Part B premiums expected to rise around $8 next year, the net cost-of-living adjustment for most seniors will be only $16 per month. The new COLA brings the average monthly retirement benefit up to $1,503 — it’s just a $288 yearly raise for seniors living on fixed incomes.

NCPSSM notes that roughly half of America’s seniors rely on Social Security for at least 50 percent of their income, and 1 in 4 depending on the program for at least 90 percent of their income, the 2020 COLA increase does not go very far in helping these recipients pay their bills. A $16 per month probably won’t cover typical expenses, such as the cost of a single prescription copay, a month’s medical supplies, or transportation to a doctor’s appointment, adds the Washington, DC- advocacy group whose goal is to protect Social Security and Medicare.

via Herb Weiss.

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2020 Social Security COLA Scant Relief for Seniors.

The scant 1.6% Social Security cost-of-living adjustment (COLA) for 2020 is another big disappointment for America’s seniors. The paltry new COLA will yield a $24 per month increase for the average beneficiary.  With Medicare Part B premiums predicted to rise by about $8 next year, the net cost-of-living adjustment for most seniors will be only $16 per month. 

If the CPI-E were adopted, beneficiaries would see a 6% overall increase in benefits over 20 years compared to the current formula, which yielded a zero cost-of-living adjustment three times during the past decade — and a mere 0.3% in 2017.

Source: bit.ly politics cpi-e COLA cost of living adjustment social security social insurance seniors retirement retirees retirement crisis entitlements entitlement reform p2 elderly older americans
bit.ly

Social Security Benefits Will Rise 2.8% In 2019, While Maximum Taxable Earnings Will Increase 3.5%

Ashlea Ebeling

The Social Security Administration announced today that more than 67 million recipients will get a 2.8% cost-of-living adjustment (COLA) in 2019. 

Senior advocates, including the National Committee to Preserve Social Security and Medicare, see the COLA increase as good news but say it could be improved by adopting the Consumer Price Index for the Elderly, which is based on retirees’ actual spending habits rather than those of the general population.

via Forbes.

Related Reading:

Social Security COLAs to Rise; Formula Needs Improvement.

This COLA is good news for seniors living on fixed incomes. Every extra dollar helps. But the current COLA formula (the CPI-W) is inadequate because it does not account for seniors’ rising expenses – especially housing and health care.

Source: bit.ly politics social security social insurance COLA seniors retirement retirees retirement crisis entitlements entitlement reform earned benefits elderly older americans cost of living adjustment p2
“Millions of seniors will soon be notified that Medicare premiums for physicians’ services are rising and likely to consume most of the cost-of-living adjustment they’ll receive next year from Social Security. Higher 2018 premiums for Medicare Part B...

Millions of seniors will soon be notified that Medicare premiums for physicians’ services are rising and likely to consume most of the cost-of-living adjustment they’ll receive next year from Social Security.

Higher 2018 premiums for Medicare Part B will hit older adults who’ve been shielded from significant cost increases for several years, including large numbers of low-income individuals who struggle to make ends meet.

via Kaiser Health News.

2018 Social Security COLA Won’t Meet Seniors’ Needs.

  • The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries. 

2018 cost of living adjustment shortchanges America’s retirees.

  • What’s more, average beneficiaries will see their COLAs almost completely wiped out by rising Medicare Part B premiums. Those premiums will likely go up by $25 per month in 2018, making the math pretty simple. Many retirees will net only $2 extra per month, which might buy a cup of coffee but not much else. 
Source: bit.ly politics social security medicare healthcare COLA cost of living adjustment health care p2 older americans elderly retirement retirees retirement crisis entitlements entitlement reform earned benefits social insurance seniors
“The Social Security Administration announced today that more than 65 million recipients will get a 2% cost-of-living adjustment (COLA) in 2018, after receiving a measly 0.3% boost in 2017 and no increase for inflation in 2016. That means the average...

The Social Security Administration announced today that more than 65 million recipients will get a 2% cost-of-living adjustment (COLA) in 2018,  after receiving a measly 0.3% boost in 2017 and no increase for inflation in 2016. That means the average benefit for a retired worker will rise by $27 a month to $1,404 in 2018 while the average benefit per retired couple will grow $46 a month to $2,340.  But many recipients will find most or all of that increase eaten up by a jump in the Medicare Part B premiums deducted from their monthly Social Security checks.

via Forbes.

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Source: bit.ly politics social security COLA earned benefits social insurance older americans elderly seniors retirement retirees retirement crisis entitlements entitlement reform p2 medicare SSA cost of living adjustment
But they also call for switching COLAs to the Consumer Price Index for the Elderly or CPI-E, designed by the U.S. Bureau of Labor Statistics. The CPI-E would boost Social Security payments without worsening the system’s deficit.

via The Social Security Fix That Could Help the Poorest Retirees.

Related Reading:

Why Seniors Need a CPI-E.

But if the CPI-E determined the Social Security COLA, the expected average COLA would increase about 0.2 percentage points per year.

Source: bit.ly politics cpi-e elderly older americans COLA cost of living adjustment seniors retirement retirees retirement crisis entitlements entitlement reform social security social insurance p2
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