@@ws775 That's not the case for all of us. My part d increased $35 and I don't yet know my plan g increase, but it will surely be more than $5. I have a condition where an Advantage plan is not the way to go so my Parts b, D and medigap already exceed the SS increase. Many people can't do advantage plans.
@@ws775 Plus higher plan B annual deductible and increased supplement plan costs.....you have to look a the entire costs! And I can guarantee you the medicare supplement costs are a big portion of this increased costs....even advantage plans that are free are lowering benefits....2.5 is crap compared to true inflation and the increased medicare costs!
You remind me of my Pop, one of the wisest people I ever knew, as he said, money comes and money goes, make sure you have some fun and above all try and help someone every day, as always you have been a great help.
1975 I was 16 in high school and started my first job at National Food Store. I made $2.40 an hour. I remember getting my first check and going ask my Manager "What is all this stuff taken out my check. He said they call it "Taxes" lol. Here I am a million years later watching you on something called "You Tube" still learning stuff. If I start collecting in January my increase will be about $72.00 a month. It really does no one any good to get upset over the small increase, but I know some will. On another note and maybe I missed this in a past video but I now know why you named your other channel "Sodas on the Road" It makes total sense to me now. As far soft drinks I gave them up 18 years ago come November 13th. I replaced them with water. But before that I called them Soda Pops, Soft Drinks, and by their actual names. Great Job Explaining it all as Usual.
Thank you my friend! Sodas are what I've always called them... and my nickname didn't hurt :) I gave them up many years ago as well! Too much sugar. I don't like the feel of carbonation either.
Thanks for the update - I send my friends to your videos when they're trying to figure out Medicare. I grew up in New England and we call those sugary drinks "Tonic." I'm now in California and still call it tonic.
You're the 2nd one from the New England area to mention tonic! So interesting! I've never heard of them referred to as that. So cool! Appreciate you watching and sending friends our way :)
Ever wonder why Advantage Plans are so popular... "2.5% COLA at approximately $50 is a joke. Just found out my supplemental Medicare insurance policy will increase by $48 per month next year. That leaves me a $2 increase. A $10 increase in the Part B premium will yield me a grand total COLA of minus $8. What a plan. "
Erik, you did an excellent job explaining COLA as well as the tax changes coming in 2025. You are always clear, thorough and concise in your videos, all of which makes your information easy and enjoyable to watch. My parents are from the Midwest, so we called soft drinks "soda pop."
I grew up calling it pop. After moving to the east coast I now call it Soda. My husband grew up in the Midwest and calls everything Coke. Thanks for the great video!❤
Eric, thank you so much for providing us with this info as soon as you have. TRN's videos are always appreciated!! It was called Pop where I was from early on (MI), but now I live in NC, so I often hear soda!! I don't drink them no matter what they're called!
This video was packed with useful (even if not happy!) information. Thank you. I need to grab a soda and rewatch it to make sure I grasped it all. Enjoy your weekend!
Thanks, The Retirement Nerds. The soda jerk name was initially used because a person would jerk the handle when pouring a drink to allow the soda to come out.
I worked for SSA for 21 years, and constantly heard the mantra "How do you expect me to live on this"? The legislation creating Social Security was passed in 1934; the first payment (to Ida Fuller) was in 1937. At no time (and you can read the whole act if so inclined) was the benefit meant to be a sole source of income. It was to in additon to pensions or other retirement programs. So, no, the program was not meant to be a sole income source from the start. Addtionally, there are few retirement systems which grant COLAs or other payment adjustments during the lifetime of the payments. Social Security is an exception to that. And finally, I could never figure out why there is a divorced spouse benefit. This would be one of the categories that should be considered for removal to help shore up the progam. Just my thoughts.
Great insight! Divorced spousal would make sense to me if one spouse was at home and not working so the other spouse could work and grow the family's life situation. If a divorce happens, divorced spousal benefits allow the non-working spouse some safety net. I can see your point though. Thank you for watching!
Good points .... I sometimes think that creating SSA did a disservice to people by allowing them to think that SS will take care of them - rather than having to actively plan for their retirement ...
@ Davidjames6879. You are 100% correct! …. I have known that social security was never intended to live off from the time I was ten years old! …. My grand parents always said you need to save as social security is just to keep you from absolute poverty..
Legislation should be updated to the current situation of the people. 1930's is so much different from today, big difference. One source of income was enough to support a family, pay a mortgage and car payments on those days. Today is so much different. One source of income today do not get you a house. In 19th century people has pension plus social security. Pensions were long gone before the 20th century started. 401K replaced pension but prices had gone up to the point where it's impossible to save money in order to contribute to 401K. So who's fault is that? The government has all the power to make the situation better. But government failed to do their job.
When i was a kid in the New England area, in the 1960's, we called it tonic. I don't hear anyone calling it tonic anymore, soda is the common name now.
thanks for making SS COLA clear…certainly easier than naming carbonated beverages…in MN it’s pop, but moving across the country it’s primarily soda. But earlier wendyneal4900 said her hubby grew up int he Midwest and calls it Coke, which I have not found that term in the Midwest, but rather is more prevalent in the Southeastern states. LOL. Confusing and complex just like SS and Medicare, eh?
In Texas where I grew up it was called soda water. I flew with a friend to Indiana and she asked the flight attendant for a soda water . The attendant asked my friend,"What do you want soda or water"? 😊
I've always called it soda. :) These tiny increases are insane. Especially when they increase the deductibles and monthlies on Medicare. It's not even a "wash". We end up paying out more than our increase. When you factor in that Medicare doesn't pay for vision or dental, and makes you pay extra for a drug plan, it's crazy to me how they expect us to live on this. Yes, I know there are Advantage plans, but those wouldn't work for me.
My wife is Chinese. She couldn't opt for US Citizenship because she was due to start receiving her Chinese Social Security at age 50yrs.! It was like $300US each month deposited into her account in China. Her spending power there with that money is very good. I remember renting apartments there for around $100US each month. And 12 years earlier than here?!
People don't realize that inflation went up to 9 percent. Then it fell to 3% and has been at 2.5% every month. What people don't understand is that you have to add all those numbers together.Inflation is over twenty percent and I want to see a twenty percent increase in my social security check!
I’m not taking my SSA benefit yet (waiting for full retirement age), so I’m waiting for the price of Part B, final price of my G Plan supplement next year (can’t tell if what I got was just that happy Birthday bump or next year too), and look at the Part D prices after Oct 15th. In the SF Bay Area we called sugary carbonated drinks in a can “soda pop”. I suspect that’s because after WW2 we had a great migration here of people coming from everywhere. Later one might ask for a bottle of pop or a can of soda. I gave up drinking them more than a year ago to improve health. More trivia on “ soft drinks”, what the industry cals them: The world headquarters of Shasta Sodas is in Hayward nearby with a the worlds largest soda pop can out front pretending to be a sculpture (bet it’s a water tower!). Interesting that their web address is “Shasta pop” as one word. I think our favorite flavor as kids was black cherry. PS: those certain people hung up on their cola flavored soft drinks seemed to always call them by the brand name. Here & elsewhere in my travels.
We called it soda. I was on a plane coming from Buffalo, NY and a bunch of kids were yelling "Pop" and was wondering why so many kids were calling forbtheir dad ... they called what I called soda - pop! 😂 Some COLA is better than none. My pension doesn’t have a COLA so it's going to be worth a lot less as time goes on!
Hmm, I've used te generic terms soda, cola, soft drink in casual conversation. But when ordering or asking I would be specific - Coke, Pepsi, Sprite, etc. back in the day, before I started cutting sugar...I never liked the idea of saying "Coke" as a general catch-all.
I have never had an increase. Am in my 80's and wonder why I never get anymore than I have received in years. My husband has been dead for 13yrs and still no increase. Both he and i have worked all our lives. I started work at 17. Had time off to have my children but went back to work when they got older,even paying for a sitter.
Another very helpful video: clear and to the point. I particularly liked your example which showed that even though the COLA wasnt as high a percentage as the probable percentage increase of the Medicare Part B premium, the average SS recepient would still have excess in their increase. I wonder if you are aware and intentional about the speed at which you read the scripts. Some of the videos (like the state ones and this one) are much faster than others (like the 20 year comparison one). Is that intentional? Here in Ohio it's Soda. Growing up in Alabama it was Coke even if it wasn't Coke.
Thank you so much for watching! I'm not trying to speak fast :( Believe it or not, I think I've actually slowed down compared to earlier videos. Trying to find the right balance :) Thank you for watching!
The increase usually ends up being 25 dollars. The FED is double dipping in my case, I am covered by Veterans health benefits, and they still deduct medicare from my check. So in other words my time in service means squat.
When I retired early, SSI cut my SSI benefits in half and then added my retirement payment. Which means I’m still getting the same lowest amount of a child on SSI. Why did they cut my benefits? Why didn’t I keep my full SSI benefits plus my retirement benefits ?
O wow I’ll probably get 9 dollars increase sad and they r going to take away that plus more 71 living off 1,500. A month ! Most of this gos to housepayments
So for those of us who are currently retired & drawing, are we really getting any kind of increase at all? From what I have been seeing we are going to rather be getting cuts.
We that's all well and good but by the time medacare is increased there gos the raise. So no help at all. If medcare would stop going up then we may have a chance in making our bills each month with just a little bit left to pay for our meds
POP, I've always been confused how a percentage increase is considered fair. Someone that has been a low wage earner might get a 25 dollar increase in retirement benefits while high wage earners might get closer to 100. I saw the same thing with raises while I was working. It seems to increase the spread between rich and poor. Can someone help me understand this?
The social security system is not fair! mistake and started social security benefits at 62 will be finding employment to work till I drop to service and be homeless. Unfair system indeed.
Erik, Great information, as always! Next time, do a video that explains IRMAA...(I had no idea about this totally unfair added cost, just because I saved and planned well for my retirement!) By the way, is it true that the income numbers used to determine when IRMAA rears her ugly head are NOT indexed to annual costs of living (COLA)?
Thank you Mike! Let me know if this video is what you were thinking: th-cam.com/video/lD7ag37qH0s/w-d-xo.html Income used for IRMAA is from your tax return 2 years back.
@@Theretirementnerds Erik... thanks for pointing me to an excellent primer on the topic of IRMAA , but I was really curious about the income limits and if they have been indexed with inflation.
I read if they made no changes the benefits would be reduced because payroll taxes will only be able to cover 77% of what is required. Low birth rates 1.6 kids per family, 2.1 needed for replacement is putting extreme strain on this social program along with Medicare. The full retirement age will be raised for certain people. Please people, save during your working years and not just to cover the company match on your 401k.
Here's this from SSA: www.ssa.gov/oact/trsum/#:~:text=If%20the%20OASI%20Trust%20Fund,costs%20for%20the%20upcoming%20year. That goes over the 83% figure. Hope that helps!
Question If you wait until you are at the age of 70 does the amount that you would get at the age of 70 include all of the COLA adjustments from age 62 to age 70 that people were getting because they choose to collect social security between 62 and 70?
Yes, if you go on the SS website in Dec then in Jan you'll see the difference. The COLAs do get added to the SS amount every year after you turn 62 along with the increases of waiting until after FRA up to 70 YO.
They probably think we are a different generation our generation knows math I don’t know about anyone else. We don’t know what the hell you’re teaching our children but they do not know what they should know like reading and math.
First: PROJECTIONS... from the government. oh, now there is information one can trust. :::sarcasm::: In re: SS trust fund liquidity. When you talk about "levers to pull" what about the addition of individuals to SS role (new retirees) combined with the increased life expectancy ? More individuals drawing from the fund vs the "1.9" lever increase.
Yeah... seems like they didn't include healthcare at all in the CPI-W. Drug costs are up a lot. Medicare plan costs are up quite a bit. Medicare in general is projected to go up by more than 2.5%. Thank you for watching!
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2.5%. Well, that about covers increases in medicare; what about the REST of the increases in cost to stay alive these days?
Yep... :(
Medicare increase will be about $10. So it is far more than that.
@@ws775 That's not the case for all of us. My part d increased $35 and I don't yet know my plan g increase, but it will surely be more than $5. I have a condition where an Advantage plan is not the way to go so my Parts b, D and medigap already exceed the SS increase. Many people can't do advantage plans.
@@ws775 Plus higher plan B annual deductible and increased supplement plan costs.....you have to look a the entire costs! And I can guarantee you the medicare supplement costs are a big portion of this increased costs....even advantage plans that are free are lowering benefits....2.5 is crap compared to true inflation and the increased medicare costs!
You remind me of my Pop, one of the wisest people I ever knew, as he said, money comes and money goes, make sure you have some fun and above all try and help someone every day, as always you have been a great help.
2.5 percent us better than nothing. Thankful for what I get.
1975 I was 16 in high school and started my first job at National Food Store. I made $2.40 an hour. I remember getting my first check and going ask my Manager "What is all this stuff taken out my check. He said they call it "Taxes" lol. Here I am a million years later watching you on something called "You Tube" still learning stuff. If I start collecting in January my increase will be about $72.00 a month. It really does no one any good to get upset over the small increase, but I know some will. On another note and maybe I missed this in a past video but I now know why you named your other channel "Sodas on the Road" It makes total sense to me now. As far soft drinks I gave them up 18 years ago come November 13th. I replaced them with water. But before that I called them Soda Pops, Soft Drinks, and by their actual names. Great Job Explaining it all as Usual.
Thank you my friend! Sodas are what I've always called them... and my nickname didn't hurt :)
I gave them up many years ago as well! Too much sugar. I don't like the feel of carbonation either.
Ha! I use to work for $1.19 an hour!
Thanks for the update - I send my friends to your videos when they're trying to figure out Medicare. I grew up in New England and we call those sugary drinks "Tonic." I'm now in California and still call it tonic.
You're the 2nd one from the New England area to mention tonic! So interesting! I've never heard of them referred to as that. So cool! Appreciate you watching and sending friends our way :)
I hate to say this but slowly but surely the government is diminishing our seniors social security system
Ever wonder why Advantage Plans are so popular... "2.5% COLA at approximately $50 is a joke. Just found out my supplemental Medicare insurance policy will increase by $48 per month next year. That leaves me a $2 increase. A $10 increase in the Part B premium will yield me a grand total COLA of minus $8. What a plan. "
Yeah... cola is basically cannibalized plus with normal living costs and healthcare.
Erik, you did an excellent job explaining COLA as well as the tax changes coming in 2025. You are always clear, thorough and concise in your videos, all of which makes your information easy and enjoyable to watch. My parents are from the Midwest, so we called soft drinks "soda pop."
Appreciate you so much! Your support is felt. Please know that!
🥤
I grew up calling it pop. After moving to the east coast I now call it Soda. My husband grew up in the Midwest and calls everything Coke. Thanks for the great video!❤
Super interesting! Thank you for watching! 🥤
Eric, thank you so much for providing us with this info as soon as you have. TRN's videos are always appreciated!!
It was called Pop where I was from early on (MI), but now I live in NC, so I often hear soda!! I don't drink them no matter what they're called!
I'm with you! I never drink them. Soda is what I've always called them :)
Hello 👋 cola 2.5 percent, thank you Eddie
Thank you Eddie!
This video was packed with useful (even if not happy!) information. Thank you. I need to grab a soda and rewatch it to make sure I grasped it all. Enjoy your weekend!
Thank you Anthony! Soda is our word too :)
People on Social Security are losing purchasing power because the cola is not keeping up with actual inflation.
Oh wow 50 dollars how gracious of them. (Sarcasm)
Thanks, The Retirement Nerds. The soda jerk name was initially used because a person would jerk the handle when pouring a drink to allow the soda to come out.
I may or may not have been called that a time or two... but not for the delivery of soda :(
🥤
@@Theretirementnerds 🤣
I worked for SSA for 21 years, and constantly heard the mantra "How do you expect me to live on this"? The legislation creating Social Security was passed in 1934; the first payment (to Ida Fuller) was in 1937. At no time (and you can read the whole act if so inclined) was the benefit meant to be a sole source of income. It was to in additon to pensions or other retirement programs. So, no, the program was not meant to be a sole income source from the start. Addtionally, there are few retirement systems which grant COLAs or other payment adjustments during the lifetime of the payments. Social Security is an exception to that. And finally, I could never figure out why there is a divorced spouse benefit. This would be one of the categories that should be considered for removal to help shore up the progam. Just my thoughts.
Great insight!
Divorced spousal would make sense to me if one spouse was at home and not working so the other spouse could work and grow the family's life situation. If a divorce happens, divorced spousal benefits allow the non-working spouse some safety net. I can see your point though. Thank you for watching!
Good points .... I sometimes think that creating SSA did a disservice to people by allowing them to think that SS will take care of them - rather than having to actively plan for their retirement ...
@ Davidjames6879. You are 100% correct! …. I have known that social security was never intended to live off from the time I was ten years old! …. My grand parents always said you need to save as social security is just to keep you from absolute poverty..
Legislation should be updated to the current situation of the people. 1930's is so much different from today, big difference. One source of income was enough to support a family, pay a mortgage and car payments on those days. Today is so much different. One source of income today do not get you a house. In 19th century people has pension plus social security. Pensions were long gone before the 20th century started. 401K replaced pension but prices had gone up to the point where it's impossible to save money in order to contribute to 401K. So who's fault is that? The government has all the power to make the situation better. But government failed to do their job.
@@davidjames6879 Thank you for your input. Much appreciated
Love your channel. Always precise and to the point.
Appreciate you watching and saying this!
Government should get the same raise as we do ..let them live on peanuts.
Hah. They get paid for doing nothing.
I really appreciate you providing mee with this information!!!!
Thank you for watching!
And my rent is going up $100.00 a month. I make too much for any government assistance but don't make enough to live on. What's the answer.
When i was a kid in the New England area, in the 1960's, we called it tonic. I don't hear anyone calling it tonic anymore, soda is the common name now.
So interesting! Never heard soft drinks called that!
Well, 2.5% is better than 0. Should be able buy a couple sodas with it..
You are not wrong :) 🥤
Thank you for watching!
Yes, we get an increase, but the supplemental will go up as much as inflation!
Yep... probably more so...
thanks for making SS COLA clear…certainly easier than naming carbonated beverages…in MN it’s pop, but moving across the country it’s primarily soda. But earlier wendyneal4900 said her hubby grew up int he Midwest and calls it Coke, which I have not found that term in the Midwest, but rather is more prevalent in the Southeastern states. LOL. Confusing and complex just like SS and Medicare, eh?
Haha! Very confusing. I'm in the intermountain west. Always been soda for me : ) Thank you for watching!
In Texas where I grew up it was called soda water. I flew with a friend to Indiana and she asked the flight attendant for a soda water . The attendant asked my friend,"What do you want soda or water"? 😊
Haha, I would ask the exact same thing.
SodaPop (raised in Midwest then moved to the East coast). Thanks for your channel and information!
Love it! Thank you for watching :)
I've always called it soda. :) These tiny increases are insane. Especially when they increase the deductibles and monthlies on Medicare. It's not even a "wash". We end up paying out more than our increase. When you factor in that Medicare doesn't pay for vision or dental, and makes you pay extra for a drug plan, it's crazy to me how they expect us to live on this. Yes, I know there are Advantage plans, but those wouldn't work for me.
Thank you for watching! 🥤
A lot to think about for sure, and costs seem to go up by more than 2.5%...
Coke has always been my favorite ! Thank you, Eric.
Love it! Thank you so much!
My wife is Chinese. She couldn't opt for US Citizenship because she was due to start receiving her Chinese Social Security at age 50yrs.! It was like $300US each month deposited into her account in China. Her spending power there with that money is very good. I remember renting apartments there for around $100US each month. And 12 years earlier than here?!
People don't realize that inflation went up to 9 percent. Then it fell to 3% and has been at 2.5% every month. What people don't understand is that you have to add all those numbers together.Inflation is over twenty percent and I want to see a twenty percent increase in my social security check!
Yup
Big deal change the way they calculate the increase a lousy 600 bucks a year isnt going to cut it for
Anyone
As a senior watching the TH-cam commercials for quality dog food, I'm game! They look delicious! Just not sure if I can afford one!
I drink SPRITE!Less Sugar!!
Love it :) 🥤
I’m not taking my SSA benefit yet (waiting for full retirement age), so I’m waiting for the price of Part B, final price of my G Plan supplement next year (can’t tell if what I got was just that happy Birthday bump or next year too), and look at the Part D prices after Oct 15th.
In the SF Bay Area we called sugary carbonated drinks in a can “soda pop”. I suspect that’s because after WW2 we had a great migration here of people coming from everywhere. Later one might ask for a bottle of pop or a can of soda. I gave up drinking them more than a year ago to improve health. More trivia on “ soft drinks”, what the industry cals them: The world headquarters of Shasta Sodas is in Hayward nearby with a the worlds largest soda pop can out front pretending to be a sculpture (bet it’s a water tower!). Interesting that their web address is “Shasta pop” as one word. I think our favorite flavor as kids was black cherry.
PS: those certain people hung up on their cola flavored soft drinks seemed to always call them by the brand name. Here & elsewhere in my travels.
Wow! So interesting! Thank you for sharing!
We called it soda. I was on a plane coming from Buffalo, NY and a bunch of kids were yelling "Pop" and was wondering why so many kids were calling forbtheir dad ... they called what I called soda - pop! 😂
Some COLA is better than none. My pension doesn’t have a COLA so it's going to be worth a lot less as time goes on!
That's funny! Pop means dad to me, too!
Agreed! Some COLA is better than none!
Thanks for the video, Erik. Soda's the word.
Thank you Tom! :)
Hmm, I've used te generic terms soda, cola, soft drink in casual conversation. But when ordering or asking I would be specific - Coke, Pepsi, Sprite, etc. back in the day, before I started cutting sugar...I never liked the idea of saying "Coke" as a general catch-all.
Interesting... always been soda for me unless using a specific brand 🥤 :)
Thank you for watching!
Soda pop is what I grew up calling it.
Thanks for the video.
Thank you so much for watching! 🥤
I have never had an increase. Am in my 80's and wonder why I never get anymore than I have received in years. My husband has been dead for 13yrs and still no increase. Both he and i have worked all our lives. I started work at 17. Had time off to have my children but went back to work when they got older,even paying for a sitter.
I don't purchase any type of soda anymore. Not good for ya, and water is cheaper. Get a water filter pitcher and make it at home.
I agree :)
This was a great video. Very informative. We call it soda.🥤😉
Love it! Thank you! 🥤
The COLA usually pays for my Medicare part B, so I never really see it
Yep...
Another very helpful video: clear and to the point. I particularly liked your example which showed that even though the COLA wasnt as high a percentage as the probable percentage increase of the Medicare Part B premium, the average SS recepient would still have excess in their increase. I wonder if you are aware and intentional about the speed at which you read the scripts. Some of the videos (like the state ones and this one) are much faster than others (like the 20 year comparison one). Is that intentional? Here in Ohio it's Soda. Growing up in Alabama it was Coke even if it wasn't Coke.
Thank you so much for watching!
I'm not trying to speak fast :(
Believe it or not, I think I've actually slowed down compared to earlier videos. Trying to find the right balance :) Thank you for watching!
Guess what. Part B going up social security. 5.9 percent. So this is out of hand.
Soda! Thanks for the info.
Thank you so much! 🥤
EVERYTHING whether sprite, pepsi , Coca Cola 7-up, was ALL called Coke.
Haha! So interesting! 🥤
One year I got a dollar less on my SSA pension, because the increased Medicare deductible ate it up.
I get $984. Month can only earn 22,300. My town taxes homeowners insurance almost doubled in 2 years not my income
S O D A ! for the win~
Love it! Thank you so much!
The increase usually ends up being 25 dollars. The FED is double dipping in my case, I am covered by Veterans health benefits, and they still deduct medicare from my check. So in other words my time in service means squat.
When I retired early, SSI cut my SSI benefits in half and then added my retirement payment. Which means I’m still getting the same lowest amount of a child on SSI. Why did they cut my benefits? Why didn’t I keep my full SSI benefits plus my retirement benefits ?
Well I'll be able to buy a couple loaves of bread then.
The only cola we get truly is a cola, but the wrong end.
Social Security has problems. But, if we vote in the politicians who support Project 2025, then it will be a thing of the past.
What a slap in the face!! Inflation is at least 20%!!!
Inflation is not 20 percent!
@commonsenseisntcommon1776 inflation is below 3% I believe.
@@uchinan_chiburu gee. my grocery bill alone is up much more +han 3%. same wi+h fuel, u+ili+ies, ins. med, e+c.
Correct most of the food prices I see this year have not changed that much
@@uchinan_chiburu wrong. food, energy, ins, medicare, e+c are up way more +han +ha+. medicare alone $174 +o $195, car ins $390 +o $440. 2.5% my a$$.
Thanks for the info! I enjoyed a coke when I was younger!
Love it! Thank you so much :) 🥤
Amen
O wow I’ll probably get 9 dollars increase sad and they r going to take away that plus more 71 living off 1,500. A month ! Most of this gos to housepayments
I think they should reduce the SS tax rate but eliminate the cap. Take a smaller percentage but from every dollar.
My medicare went up more than the 2.5 percent
Do they think that little bit Will really help as high as everything is so high
I basically only drank coke…so coke described the carbonated drink I consumed. If I deviated from coke, it was a soda.
Love it! Thank you! : )
We're always getting the short end of the with these folks!🤔😠😤
A short fall of 7% .. this is another screw jub !!!!!!!!!!!!!!!!!!!!!!!!!!!!
So for those of us who are currently retired & drawing, are we really getting any kind of increase at all? From what I have been seeing we are going to rather be getting cuts.
You get a SS increase, but your Medicare costs went up at a higher percentage than the SS increase.
We that's all well and good but by the time medacare is increased there gos the raise. So no help at all. If medcare would stop going up then we may have a chance in making our bills each month with just a little bit left to pay for our meds
POP, I've always been confused how a percentage increase is considered fair. Someone that has been a low wage earner might get a 25 dollar increase in retirement benefits while high wage earners might get closer to 100. I saw the same thing with raises while I was working. It seems to increase the spread between rich and poor. Can someone help me understand this?
Pop I heard they were only reducing your check by 10% if you go over earning limit in 25
The social security system is not fair! mistake and started social security benefits at 62 will be finding employment to work till I drop to service and be homeless. Unfair system indeed.
I know that’s right I only get $2389 a month by the time I pay rent pay all my bills I have no money left and I only get $83 dollars in food stamps
I only get 1389 not 2389
2,5% increase does not do much, $200 a month increase is needed
For thoses on medcare I wonder if there food bennfite will increase
I called it cola growing up 😊
Interesting! I don't think I've ever called it that other than in a video like this 🥤
@@Theretirementnerds I grew up speaking Spanish, Coca Cola, Pepsi Cola, etc; they were al colas 🙂
@@sanyer totally makes sense!
We call it pop
Love it! So good to hear from you!
Erik,
Great information, as always! Next time, do a video that explains IRMAA...(I had no idea about this totally unfair added cost, just because I saved and planned well for my retirement!) By the way, is it true that the income numbers used to determine when IRMAA rears her ugly head are NOT indexed to annual costs of living (COLA)?
Thank you Mike!
Let me know if this video is what you were thinking:
th-cam.com/video/lD7ag37qH0s/w-d-xo.html
Income used for IRMAA is from your tax return 2 years back.
@@Theretirementnerds Erik... thanks for pointing me to an excellent primer on the topic of IRMAA , but I was really curious about the income limits and if they have been indexed with inflation.
Wow, im gonna get another 24 dollars a month.
Don't blow it all on one thing! :)
All the social security yearly raise just barely covers the cost of the medical insurance increase.
What else’s can I buy with my increase of 20. +$
All👍👍👍👍👍
I read if they made no changes the benefits would be reduced because payroll taxes will only be able to cover 77% of what is required. Low birth rates 1.6 kids per family, 2.1 needed for replacement is putting extreme strain on this social program along with Medicare. The full retirement age will be raised for certain people. Please people, save during your working years and not just to cover the company match on your 401k.
Here's this from SSA:
www.ssa.gov/oact/trsum/#:~:text=If%20the%20OASI%20Trust%20Fund,costs%20for%20the%20upcoming%20year.
That goes over the 83% figure. Hope that helps!
@@Theretirementnerds thanks!!
Soda, pop , coke 😋
Love it! Thank you Eddie! 🥤
Question
If you wait until you are at the age of 70 does the amount that you would get at the age of 70 include all of the COLA adjustments from age 62 to age 70 that people were getting because they choose to collect social security between 62 and 70?
No you get all the COLA increases regardless when you start collecting
Yes, if you go on the SS website in Dec then in Jan you'll see the difference. The COLAs do get added to the SS amount every year after you turn 62 along with the increases of waiting until after FRA up to 70 YO.
Yes, but if you got the covid vaccine or eat what they're putting in the food, you never get to 70, so take it now!
They probably think we are a different generation our generation knows math I don’t know about anyone else. We don’t know what the hell you’re teaching our children but they do not know what they should know like reading and math.
Part B?
Did I misspeak somewhere?
Part B premiums will increase. Hasn't been released yet.
Pop 💜💜
Thank you! 🥤
First: PROJECTIONS... from the government. oh, now there is information one can trust. :::sarcasm::: In re: SS trust fund liquidity. When you talk about "levers to pull" what about the addition of individuals to SS role (new retirees) combined with the increased life expectancy ? More individuals drawing from the fund vs the "1.9" lever increase.
Health plan increased on avg 13.5%
Yeah... seems like they didn't include healthcare at all in the CPI-W.
Drug costs are up a lot. Medicare plan costs are up quite a bit. Medicare in general is projected to go up by more than 2.5%. Thank you for watching!
love soda its my favorite yep
2.5% insult and disgrace but if it was Ukraine it would be 50%
Oh okay ?
Mad mistake and took social security at 62 will be back to work till I drop all is a unfair system
Soda but I like to call it sodie pop.
Love it!
My nickname was Sodie up until high school, and then soda in high school :)
If you yell either at me, I'll respond. 🥤
Never enough to live on and pay bills and meds
TRUMP SAID NO TAXES ON SS... WHAT HAPPENED
What happened to john larson and changing ssi!hasnt changed in 53 years!
All❤👍👍👍👍👍👍👍👍👍👍👍👍
Get a GRANT!zEVERY pay day! Free Money!!
They don't help us
FJB and his inflation
All❤👍👍👍👍👍