NCPSSM — Fortunately, a better formula exists. It’s called...

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Fortunately, a better formula exists. It’s called the Consumer Price Index for the Elderly — or CPI-E — based on a ‘basket’ of goods and services that reflects older Americans’ spending patterns.
via Improved Social Security COLA would help seniors stay ahead of inflation.
Source: on.mktw.net
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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
“A New Type of Social Security Cost-of-Living Adjustment The main purpose of the bills is to significantly delay or eliminate the date of reckoning for Social Security’s financial shortfall — currently projected for 2034 (with higher taxes). But they...

A New Type of Social Security Cost-of-Living Adjustment

The main purpose of the bills is to significantly delay or eliminate the date of reckoning for Social Security’s financial shortfall — currently projected for 2034 (with higher taxes). 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 (BLS). The CPI-E would boost Social Security payments without worsening the system’s deficit.

The Government Accountability Office (GAO) just published a fascinating — to me! — report analyzing the current COLA, known as CPI-W (for Consumer Price Index for Urban Wage Earners and Clerical Workers), and comparing it with three potential alternatives, including the CPI-E. (See the table at the end of this article for definitions of the four main indexes.)

via Forbes.

Related Reading:

Why Seniors Need a CPI-E.

The goal was to more accurately measure the prices and inflation seniors face, ultimately leading to more representative cost of living adjustments (COLAs) for America’s retirees.

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

Related Reading:

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
Three pieces of legislation have been introduced in the 116th Congress that would implement the CPI-E for calculating Social Security COLAs: Social Security 2100 Act, Social Security Expansion Act, and CPI-E Act.
via Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?
Source: bit.ly politics 116th congress COLA cost of living adjustment seniors medicare health care healthcare p2 elderly older americans cpi-e congress social security social insurance
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
ncpssm
bit.ly

2020 Medicare Premium Hike Could Wipe Out Social Security COLA for Many Retirees

The Senior Citizens League is forecasting a 6.5% jump in the 2020 Medicare Part B premium.
ncpssm

If The Senior Citizens League is correct in its forecasts — and it has a strong record of that — roughly half of the Social Security cost-of-living adjustment (COLA) for 2020 for the average retiree will be wiped out by the increase in Medicare Part B premiums that year.

The league, along with the Alliance for Retired Americans and the National Committee to Preserve Social Security and Medicare, supports changing the basis used to calculate the annual Social Security COLA from the CPI-W to the Consumer Price Index for Elderly Consumers (CPI-E). Pending legislation in the House, including the Fair COLA for Seniors and the Social Security 2100 Act, would link the COLA to the CPI-E.

via Think Advisor.

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Updated Reading:

Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?

According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. The same projection says that the Medicare Part B premium will likely rise by $8.80 per month next year.  

If both estimates prove accurate, the average beneficiary will only receive a net increase of $8.70 per month, which doesn’t buy much these days. 

Source: bit.ly COLA social security cost of living adjustment seniors social insurance earned benefits elderly older americans p2 cpi-e medicare healthcare health care
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
“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
According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. The same projection...

According to a new estimate based on the recent Social Security Trustees report, the Cost of Living Adjustment (COLA) for 2020 will be a scant 1.2%. That’s an increase of about $17.50 in monthly benefits for the average claimant. 

The same projection says that the Medicare Part B premium will likely rise by $8.80 per month next year. If both estimates prove accurate, the average beneficiary will only receive a net increase of $8.70 per month, which doesn’t buy much these days.

Read more from our new blog post by clicking here.

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