But that’s not all that’s going up. Someone has to pay for this increase. How will increasing the Social Security benefits help recipients? And who pays for it?
Thursday, November 17, 2022
What Does the Increased Social Security Benefit Really Mean?
In 2023, the cost-of-living adjustment (COLA) for Social Security is increasing. As a result, more than 65 million Social Security beneficiaries will receive an 8.7 percent increase in their benefits. That equals roughly $146 for the average Social Security recipient.
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My neighbor says the increase in the social security payment is matched by the increase in the medical insurance payment. You still lose. It is like a electric vehicle. Any credit is matched by an increase in price.
ReplyDeleteI believe your neighbor is incorrect. The premium and deductible for Part B (there is no premium for Part A as it was prepaid by annual contributions during your working years) will actually go down in 2023. You can the numbers easily using a search engine. The reason is said to be that the program grossly over estimated the demand for an Alzheimer's drug and there was a surplus, in premiums, paid in over 2022.
DeleteI recall that social security will increase just over 8% next year. This is still much less than the real inflation rate but jibes with the much less descriptive CPI. I fully expect that my total dollar costs for Medicare/supplement will not increase nearly as much as will my SSI, but I have not received my official letter from SS yet. YMMV, of course.
It means your SS$ don't go as far. Way short of before since they didn't even match their fake very low inflation rate.
ReplyDeleteSteve S6
I can't see the article, but several in the past have referred to Social Security as an entitlement. If I'd put the money I paid into the program into a low yield investment account I'd have over 9 million by now. The only way you can refer to it as an entitlement is to agree that we're entitled to a hell of a lot more that we're going to get. The increases are just applied to keep the masses from realizing the truth and applying a cure to the problem by voting them out en masse.
ReplyDeleteYep. Just started drawing SSA. Lucky no personal debt. Decided to get it while I can. But it is the government. Not that I trust them.
ReplyDeleteMy property taxes increased 33% last year by the assessor's office.
ReplyDeleteAs prices inflate, sales tax revenues are rising as well.
Government will drive people out of their homes unchecked.
Billionaires will scoop up assets cheap.
Yeah, sweet socialist security increase...
Yep. You will own nothing and be happy (WEF). -sammy
DeleteGovt scheme to tax people with a retirement program. That has been raided by the govt itself. And now pass around as charity such as welfare. Be aware that medicare pays little to doctors to the point fewer doctors take medicare.
ReplyDeleteIt's all political BS. A high priced shell game. The only people who win this game are the criminals in power.
ReplyDeleteIt means that the current cabal of idiots have fornicated the canine enough to kill economies across the world intentionally.
ReplyDelete