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Social Security Cost-of-Living Adjustment for 2020 Is 1.6%
10-10-2019, 09:37 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Social Security Cost-of-Living Adjustment for 2020 Is 1.6%
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Numbers is hard
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10-10-2019, 10:34 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,139
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And a large chunk of that will get eaten up by the projected increase in Medicare premiums of $8.80/month 
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And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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10-10-2019, 11:00 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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The government doth giveth and dost takest.
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Wild Bill shoulda taken more out of his IRA when he could have. . . .
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10-10-2019, 11:03 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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The Feds need to look at why medical care is so much more expensive than other 1st world countries. That is the big problem. Not insurance. Alas, our elected reps seem to have no interest in doing so. I wonder why? :sarcasm:
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Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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10-10-2019, 11:49 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Red Rock Country
Posts: 1,929
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 Quote:
Originally Posted by Chuckanut
The Feds need to look at why medical care is so much more expensive than other 1st world countries. That is the big problem. Not insurance. Alas, our elected reps seem to have no interest in doing so. I wonder why? :sarcasm:
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A medical degree (especially a specialist's) is pretty much a license to print money.
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10-10-2019, 12:33 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-10-2019, 12:43 PM
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#7
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Recycles dryer sheets
Join Date: Apr 2019
Posts: 74
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Quote:
Originally Posted by W2R
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+1
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10-10-2019, 01:54 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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Quote:
Originally Posted by Chuckanut
The Feds need to look at why medical care is so much more expensive than other 1st world countries. That is the big problem. Not insurance. Alas, our elected reps seem to have no interest in doing so. I wonder why? :sarcasm:
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Money in politics. The rules are paid for
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10-10-2019, 02:13 PM
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#9
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Recycles dryer sheets
Join Date: Jul 2016
Location: Cypress
Posts: 172
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I'm with W2R and Gulfbeach. Every COLA raise I get is welcomed. SS, Pensions, VA comps. I love getting a raise every year for doin nuffin!!!
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10-10-2019, 02:21 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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Quote:
Originally Posted by griffithee
I'm with W2R and Gulfbeach. Every COLA raise I get is welcomed. SS, Pensions, VA comps. I love getting a raise every year for doin nuffin!!!
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+1!  Two checks - two little bumps.
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Never let yesterday use up too much of today.
W. Rogers
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10-10-2019, 02:33 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
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For those of us not collecting yet, when do they bump up the numbers in the estimated benefits page? When it becomes effective on the start of next year?
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10-10-2019, 02:34 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
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Not even a thank you
Quote:
Originally Posted by REWahoo
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Also, the maximum earnings subject to SS tax goes up by 3.6%. But do you hear any sympathy for the unfortunate w*rking folks who'll be paying in those extra bucks? Nary a peep.
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Paying it forward is the best investment.
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10-10-2019, 03:25 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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Quote:
Originally Posted by RunningBum
For those of us not collecting yet, when do they bump up the numbers in the estimated benefits page? When it becomes effective on the start of next year?
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Before I started collecting my benefit I checked every month on the 1st of the month. I would see a bigger than normal increase on Dec 1st, which I assume was the COLA. Then another smaller increase on Feb 1st which I think was my previous year earnings being added to the formula.
Hope that helps.
My SS benefit is $718/mo so my COLA will be $11.49. Will they round that up to $12? Or down to $11? Whatever, it's nice to get the raise. Haven't started Medicare yet, that happens on Feb 1st, 2020. Just a few more months of Obamacare!
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Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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10-10-2019, 03:33 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,139
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Quote:
Originally Posted by Sue J
Before I started collecting my benefit I checked every month on the 1st of the month. I would see a bigger than normal increase on Dec 1st, which I assume was the COLA. Then another smaller increase on Feb 1st which I think was my previous year earnings being added to the formula.
Hope that helps.
My SS benefit is $718/mo so my COLA will be $11.49. Will they round that up to $12? Or down to $11? Whatever, it's nice to get the raise. Haven't started Medicare yet, that happens on Feb 1st, 2020. Just a few more months of Obamacare!
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I'm pretty sure they always round down. They just drop off the cents and keep the dollars.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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10-10-2019, 06:19 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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Quote:
Originally Posted by Mdlerth
Also, the maximum earnings subject to SS tax goes up by 3.6%. But do you hear any sympathy for the unfortunate w*rking folks who'll be paying in those extra bucks? Nary a peep.
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No you do not. Nor do you hear anything about when a worker takes a second job and works many hours over 40, and gets in another tax bracket. Or any other disincentive to work. Or sells a property that has gone up in value and has to pay a 3.8% tax on the gain, in addition to all the other taxes.
My VA disability goes up just a bit too, and I am thankful, although anyone that is so reliant on a 1.6% increase should have kept working.
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FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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10-10-2019, 06:28 PM
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#16
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Full time employment: Posting here.
Join Date: May 2008
Posts: 598
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If they round everything down they could save millions.
I remember an old Law and Order episode where a bookkeeper was rounding down credits given back in a department store and making big bucks. Funny program.
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10-11-2019, 09:07 AM
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#17
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Full time employment: Posting here.
Join Date: Apr 2011
Location: Castro Valley
Posts: 788
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My very first SS check will be 12/24/19. Looks like I get a 1.6% raise for my second check. 
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10-11-2019, 12:29 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,502
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+1
Also, Health insurance is not health care.
If we as a nation are averaging $11k per person in expenses a year no insurance is going to cost less than near $1,000 a month. The difference is going to have to come from somewhere.
Quote:
Originally Posted by Chuckanut
The Feds need to look at why medical care is so much more expensive than other 1st world countries. That is the big problem. Not insurance. Alas, our elected reps seem to have no interest in doing so. I wonder why? :sarcasm:
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__________________
“No, not rich. I am a poor man with money, which is not the same thing"
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10-11-2019, 12:40 PM
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#19
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Let me see if I have this straight: Since we pay more than the minimum premium for Medicare, the extra SS payment will all go added Medicare premium plus we'll have more reportable income such that our after tax dollar income will go down. Am I missing anything?
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10-11-2019, 02:29 PM
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#20
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Thinks s/he gets paid by the post
Join Date: May 2019
Posts: 2,817
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Quote:
Originally Posted by Mdlerth
Also, the maximum earnings subject to SS tax goes up by 3.6%. But do you hear any sympathy for the unfortunate w*rking folks who'll be paying in those extra bucks? Nary a peep.
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Yeah, I wouldn't expect to. Many people think the cap should be removed completely.
I normally complain about all the taxes that I pay, but I would support paying higher FICA tax to help prop up SS and Medicare for seniors who paid into it all of their careers, especially if they don't have other income from real estate rentals, pensions, business income, and such.
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