REWahoo
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Social Security Cost-of-Living Adjustment for 2020 Is 1.6%
Small, but it sure beats what we got in 2011 and 2016!
Small, but it sure beats what we got in 2011 and 2016!
Social Security Cost-of-Living Adjustment for 2020 Is 1.6%
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MissMolly
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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
And a large chunk of that will get eaten up by the projected increase in Medicare premiums of $8.80/month
The government doth giveth and dost takest.
Chuckanut
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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:
Ian S
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A medical degree (especially a specialist's) is pretty much a license to print money.
W2R
Moderator Emeritus
Sorry, you all!! I am happy for ANY raise. 
So sue me.
I know, I know, that silly mindless W2R...
So sue me. I know, I know, that silly mindless W2R...
griffithee
Recycles dryer sheets
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!!!
Red Badger
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RunningBum
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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?
Not even a thank you
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.
Social Security Cost-of-Living Adjustment for 2020 Is 1.6%
Small, but it sure beats what we got in 2011 and 2016!
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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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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MissMolly
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I'm pretty sure they always round down. They just drop off the cents and keep the dollars.
Senator
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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.
lemming
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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.
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.
jkern
Full time employment: Posting here.
My very first SS check will be 12/24/19. Looks like I get a 1.6% raise for my second check.
GravitySucks
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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.
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.
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?
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.
NYEXPAT
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+1!
+1
Three checks- three little bumps or 4.8% for me if I don't tell the little one's!
Correction, only 3.2% for me.
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griffithee
Recycles dryer sheets
are we comparing checks - three for me and two for the DW. DID WE WIN?
Teacher Terry
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That will be a whole 6 bucks for me(. Thankfully my pension raise is much better.
(. Thankfully my pension raise is much better.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
You missing a lot.... in fact, you're missing the boat.
IRMAA for Part B only went up $2.10/month and Part D went down $1.70 a month (first additional premium tier)... so a net increase of 40c a month.
Maybe you should think or research before posting.
