We got a raise!

[THE PILGRIM]

I'll wait for the Medicare increase before I celebrate.
We are after all discussing Socialized Insecurity.
Almost forgot until I saw it below -
Taxing Social Security-
You Bet!
I pay almost Double Taxes on mine.

 

[grover99]

My part D insurance cost has gone from $24 to $56 next year due to the high cost of a new drug I need to take plus I am sure the medicare supplement insurance costs are sure to be higher. That 5.9% increase is a joke.

 

[straightshooter1]

I'll take the raise and probably just celebrate it without even considering what other things have risen in cost.

That way is SEEMS like a real gift from my friends in the Government.

Bob

 

[GypsmJim]

I know what I'm going to do with it.....give it all back to Uncle SAM.

After working for 50 years and earning pensions, they TAX every bit of my SS that they can get their hands on.

 

[Golddollar]

Just in time for me to retire, put my 6 month notice in a couple weeks ago. In December can apply for SS, January I apply for my pension. I will save a bundle in April by not going to work and burning all that gas.

You certainly will. I had a 90 mile daily commute. When I received what I call an "unfavorable reassignment" at my last job, I sat down to figure how I would fair continuing to work as opposed to retiring. When I took out the commuting costs, I figured I would put all of $20 more a month in my pocket if I kept working as opposed to retiring. Retirement was a no brainer.

 

[djohns6]

Social security has got to the be ultimate ponzi scheme.

I knew that was coming .

 

[jimbo728]

The raise means my cat will still eat well!
Jim

 

[ladder13]

Anyone check the "lockbox" lately to make sure it's all still there?

 

[djohns6]

Anyone check the "lockbox" lately to make sure it's all still there?

It's there but it's empty .

 

[Old_Cop]

Funny you don't hear about SS running out of money anymore. Bigger fish to fry I guess.

 

[Fishinfool]

If you are also collecting a pension, or have a 401k or investment income, good chance that "raise" will just kick you up into a higher tax bracket. This is my first year collecting SS, and I may be wrong, but that's how I read it.

Larry

 

[DWalt]

Inflation will make that increase meaningless. In fact, it already has.

 

[Old Arkansawyer]

Guys don't carp to much and be thankful for 5.9%, after all, if we had
a 1% increase prices would have still gone up 8%.
I look for SS benefits in the future to be means tested. If that happens
prepare to hear huge howling from some folks.

 

[mauser9]

Best save it for gas and oil. Gonna need it! Already $5 a gallon in N.Y.C.

 

[MTC(SS)Ret]

Have they announced how much the medicare increase will be yet? Most years that comes after the COLA announcement and most years it eats up most of the social security increase.

I remember a couple years ago my net was $1/month after the medicare deduction.

The medicare premium is going up to about $158 a month from $148

 

[Rustyt1953]

A show of hands, please....who's gonna turn it down?

 

[ameridaddy]

Starting in 2022, we old farts collecting Social Security get a 5.9% raise to our monthly SS allotment. I just don't know what I'm gonna do with that extra $106 a month!

If past experience is a valid guideline, it will just pay for the annual increase in Medicare Premium deducted from SS.

 

[billwill]

Don't sneeze while you are holding that raise in cash, cause those dollar bills will fly away.

 

[Greyman50]

Inflation will INCREASE 8% next year, know it's already up more than 6% now. Recently have been going in several different grocery stores to " shop" prices. Holy Cow is all I can say, many items have gone up a dollar from just few weeks ago.

 

[waffles]

If you are also collecting a pension, or have a 401k or investment income, good chance that "raise" will just kick you up into a higher tax bracket. This is my first year collecting SS, and I may be wrong, but that's how I read it.

Larry

Higher tax brackets don't mean all your income is taxed at a higher rate once you've crossed a threshhold, it means the income over that threshold is taxed at a higher rate. Not going to cost anyone any money just because they got a little more money (leaving out things like social programs/low income housing in some cases of course).