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Main Forums => The Roundtable => Topic started by: Ben on October 14, 2021, 08:04:28 AM

Title: Social Security COLA Increase
Post by: Ben on October 14, 2021, 08:04:28 AM
Looks like they are increasing SSI payouts by ~6% next year for cost of living. I thought that seemed pretty high, and just did some googling. I don't get exactly how they compute SS annual growth (and I'm not sure they want us to know), but from the below link, we're currently looking at an effective ~3% return for the trust funds (the average is 1% this year).

If I have it right, it's more incentive for me to take SS early to get some dough out of it while I can.

https://www.foxbusiness.com/economy/social-security-huge-cola-increase-deplete-fund

https://www.ssa.gov/OACT/ProgData/intRates.html
Title: Re: Social Security COLA Increase
Post by: French G. on October 14, 2021, 08:11:38 AM
AARP remains the most dangerous lobby in DC
Title: Re: Social Security COLA Increase
Post by: grampster on October 14, 2021, 10:03:01 AM
5.9% was announced.  It will be interesting how much the Medicare premium increases we SS denizens will have to pay, which is deducted from our monthly payout, will go up.  That hasn't been announced yet.

I took my SS when I was 62 1/2.  A bird in the hand is better than one in the bush, sez I.
Title: Re: Social Security COLA Increase
Post by: Angel Eyes on October 14, 2021, 11:49:56 AM
From the article, sounds like the party will be over by 2033, possibly sooner.
Title: Re: Social Security COLA Increase
Post by: HankB on October 14, 2021, 12:26:24 PM
Quote from: Angel Eyes on October 14, 2021, 11:49:56 AM
From the article, sounds like the party will be over by 2033, possibly sooner.
Funny how they always talk about running out of money for Social Security (which people worked for) but they never, ever, talk about running out of money for welfare (which people DIDN'T work for.)
Title: Re: Social Security COLA Increase
Post by: Angel Eyes on October 14, 2021, 12:46:33 PM
Quote from: HankB on October 14, 2021, 12:26:24 PM
Funny how they always talk about running out of money for Social Security (which people worked for) but they never, ever, talk about running out of money for welfare (which people DIDN'T work for.)

But if you point that out, you're a racist.
Title: Re: Social Security COLA Increase
Post by: Hawkmoon on October 14, 2021, 02:22:21 PM
Quote from: Angel Eyes on October 14, 2021, 12:46:33 PM
But if you point that out, you're a racist domestic terrorist.
Title: Re: Social Security COLA Increase
Post by: JTHunter on October 14, 2021, 05:51:52 PM
Quote from: grampster on October 14, 2021, 10:03:01 AM
5.9% was announced.  It will be interesting how much the Medicare premium increases we SS denizens will have to pay, which is deducted from our monthly payout, will go up.  That hasn't been announced yet.

I took my SS when I was 62 1/2.  A bird in the hand is better than one in the bush, sez I.

Like you, I started at 62 as well.  And the Medicare premium increase usually takes away whatever the SS increase pays.