Article: Seniors won't see rise in Social Security

Discussion in 'Financial, Disability and Legal Resources' started by TwoCatDoctors, Mar 28, 2011.

  1. TwoCatDoctors

    TwoCatDoctors New Member


    Seniors won't see rise in Social Security
    Mar. 28, 2011
    by Stephen Ohlemacher - Associated Press (appearing in various newspapers today)

    WASHINGTON - Millions of retired and disabled people in the United States had better brace for another year with no increase in Social Security payments.

    The government is projecting a slight cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums threaten to wipe out any increase in payments, leaving them without a raise for a third straight year.

    About 45 million people - one in seven in the country - receive both Medicare and Social Security. By law, beneficiaries have their Medicare Part B premiums, which cover doctor visits, deducted from their Social Security payments each month.

    When Medicare premiums rise more than Social Security payments, millions of people living on fixed incomes don't get raises. On the other hand, most don't get pay cuts, either, because a hold-harmless provision prevents higher Part B premiums from reducing Social Security payments for most people.

    David Certner of AARP estimates that as many as three-fourths of beneficiaries will have their entire Social Security increase swallowed by rising Medicare premiums next year.

    It's a tough development for retirees who lost much of their savings when the stock market collapsed, who lost value in their homes when the housing market crashed and who can't find work because the job market is weak or they are in poor health.
  2. butterflydream

    butterflydream New Member

    this is all so sad. i also heard all this on tv news.

    I wonder what cost premiums will rise to and what the SS increase percentage of will be.
    Seems groceries and many of our everyday needs are continuing to rise.
    Thanks for posting updates on all this.
    Your postings are much appreciated.
  3. TwoCatDoctors

    TwoCatDoctors New Member

    Another column today said Congress is being urged to change the age for seniors to retire early and receive Medicare from age 62 to 64. That would be a huge hit. I was reading comments from various people that said they are trying so hard to hang on while work until they reach age 62 (and not go on SSD, because they feel they wouldn't be approved for SSD because of their age), and they just want to reach 62 so they can just retire, get Medicare right away, stop working and then focus solely on their medical problems.

    Okay it's time to make cuts in Congress:

    ---let's remove their free gym or charge them full price for memberships at a Washington, D.C. price level,

    --let's remove their free haircuts or charge them full price at a Washington, D.C. price level,

    --and I'm not sure if they receive free food from their cafeteria, but the cafeteria should be made into a FOR PROFIT organization so Congress pays full price for meals equivalent to other Washington, D.C. food establishments. .

    --And then let's take a look at their "franking" privilege of free postage for mail they send out that relates to their work as Congressmen--the mail should be checked to be sure it complies and is not campaign or payment of their bills.

    --And we could take a look at what else they get for free or reduced price.