@@marshamckee2479 I will take the increase. I had two heart surgeries worth about $150,000 total in 2024. And I am back walking for 1&1/2 hours a day. Thanks for paying into Medicare!
Thanks for the review Devin. You go slow enough and explain clearly enough that even a geezer like me can follow your train of thought. And you don't stop to water your dog or pet him either.
Yes, they think a 5.9 is such a big deal. I got a whole $47 increase a month. Now I draw $1131 a month. Try living on that . They should start social security at $2000 a month and then go from there
@@annoyed3 I guess you didn’t notice with all this inflation costs went up while savings went down. Look at prices of rent, homes, cars, food while pay isn’t keeping up.
PEOPLE FORGET THAT YOU GET WHAT YOU WORKED FOR......DID YOU GET DECENT RAISES. DID YOU STAY AT THAT JOB TO GET A DECENT CHECK OVER THE YEARS TO GET A SS CHECK YOU CAN LIVE ON ..DID YOU HAVE A 401 OR SOME TYPE OF SAVING TO HELP YOU WHEN YOU RETIRED. AND IF YOUR STILL RENTING AS A PERSON ON SS ..THAT RENT WILL GO UP EVERY YEAR ..AND THAT WILL TAKE YOUR HARD EARNED SS CHECK REAL FAST..
Looking at the third quarter average inflation rate doesn’t seem to capture how much more you had to pay for products and services over the previous 12 months. I think Social Security should use inflation data over a longer period. Why not use the full 12 months of inflation?
People on benefits through no fault of their own, disability etc.. are the most vulnerable and suffering the most, via housing and cost of everything rising!!
Yes I agree. I get just over $900 a month on SSDI and can't afford housing and now homeless. My vehicle broke down and cost more than I make a month to get it fixed and it's not worth putting any more money into it, but I don't make enough a month to get a loan to get something dependable or reliable. There needs to be more help for those of us on Social security benefits. We are struggling and it's not fair.
I believe that the politicians, every year, should consider both CPI-W and CPI-E and apply the highest one because the retirees usually don’t have any other source of income and the medical cost keep increasing every year regardless.
What if they split the difference between CPI-E and CPI-W for an average. What would that look like reviewing past history? Better overall or just the same long term outcome?
Why not use what the Federal Reserve uses to evaluate inflations effects? They use the Personal Consumption Expenditures (PCE). It uses specific prices to analyze the inflation target and make decisions from that vantage point. It is also not a huge departure from the CPI so less controversial but could/should be more accurate and balanced. Formula: Y = C + I + G + (X - M); where: C = household consumption expenditures / personal consumption expenditures, I = gross private domestic investment, G = government consumption and gross investment expenditures, X = gross exports of goods and services, and M = gross imports of goods and services.
Hello Mr. Carroll I hope you will be able to answer my question at some point in your future videos as you see applicable . Thank You in advance. When someone is working while receiving a retirement benefit . When they have received multiple w 2’s for a particular year and one of the W 2’s shows no social security tax with held because they made under $2500 in that company during the year. I noticed that my online SSA statement does not reflect that w 2 total wages in my total earnings for that year. Can you tell me in other words if the SSA counts all wages for thst year as my IRS does or does SSA only count all W 2’s that show SS tax with held. Thank You Again
Change scares me. Even when you put out a video that the title says, "There MIGHT be a change" I start flipping out. I mean, when was the last time they changed something and things got better.
One huge problem is that there is a one-year gap between the date your PIA is calculated and the first COLA to which you are entitled. For example, I am retiring this year (2022) at age 62. My PIA was calculated based on the ending year of 2020. And my first COLA will be announced in 2022. So all the inflation in 2021 is completely invisible to my benefit. And since future COLAs only cover one-year timeframes, this gap-year inflation will permanently reduce my lifetime benefit. Yes everyone regardless of what year they start benefits has a gap year, and since annual inflation usually runs about 2 or 3%, most people are in the same boat comparatively speaking. But since not all gap years are the same inflation-wise, those unlucky to begin benefits following a historically rare spike in inflation like the one we had last year are totally screwed for the rest of their life. Unfortunately, few understand how this gap year works so there is little word-of-mouth about it and it's not on the politicians' radar for a fix.
Astute observation. Their defense of this two year lag is that the wage inflation affects you from two years before you had your first year of earnings. Like you, I'm not so sure that equals out.
I am going to start collecting SSI this year . I'm driving Uber for a job now. Can I continue to work Driving? What is the max I can make in a year? Is the SSI included in the total?
Aloha Devin for this wealth of information about SS, the last big change was in 1983 what are you hearing about on the next SS reforms? the more people work and not try to live off the free rides the more will be paid into SS. If I decide to file at 62 what is the maximum I can earn if still working or hopefully doing something I enjoy? Thanks!
Looking at my benefit on the SS website and my monthly benefit at FRA is $3000. I am currently 62 and still working. When I log into my SS in January 2023, will my FRA be $3240 assuming an 8% COLA increase?
I became totally disabled at a young age. When I reached retirement age, they converted my social security from disability to retirement, Why? Would it cause me to receive less or more? thanks
Disability as a program is for those who need to work and can't. You don't need to work. The payments then come out of the SS retirement fund rather than the Disability Fund.
@@SandfordSmythe What? Father says we're to work, so I did, then I was injured twice, rendered totally disabled. I can no longer work due to my injuries. I know what you're saying, but you didn't answer my question. tc
@@wheepingwillow24u17 Why your disability converts to regular retirement funds at 66? That's the law. You don't require to be paid disability money to survive. The Disability Fund is separate and has limited money. Your retirement funds are sitting in Retirement Fund and are ready to be used.
Here's my question. I'm working until I turn 70 I'll be turning 69 and November. Will my 8.2% increase for waiting to take the Social Security. Will it be added to the cola. So it would be possible for me to have a 16.2 increase for 2023. Second question will I get the 8.2 and the cola for my last year 69 through 70?
@@MamaDee737 It was my understanding that the cola and the 8.2 would be added to my social security benefit until I retired at 70. You're telling me that when the colas go through for a person who is not receiving their social security they don't get those Cola increases?
@@richardhildreth1014 It sounds like you have not started taking benefits yet. Your start amount will already have increases factored in. Hope this helps.
That is only tue for the absolute lowest SS earners. This example....say your take is $600/month...the 5.9% increase last year is about a $35 raise. That year, Medicare jumped from about 140 to about $172...or an increased bite of $32. Anyone making over $600/month on SS got something....and did not get that raise wiped out or worse. I get it....it's bad...but the claim of having the raise completely wiped out, is an exaggeration for most.
Just retired in August last year . Took the letter into my interview that they sent me 2 months prior that stated my benefit would be 1260 a month . I ended up getting 865 a month . What happened ?
Did you retire at 62? Your letter have the higher amount to be at full retirement age? Retiring at 62, you will receive a much lower amount. You may want to think about retiring and if you don't have to wait until your full retirement age for the higher amount. I believe you can change your mind in the first year of taking your social security and have to pay back what you have received. If you are older than 62 but not full retirement age then you also get a reduced amount for the rest of your life. If you have savings you can live on or go back to work a few more years you may want to do that.
@@scottodonahoe9505 it makes no sense the letter says $1260 but you got $865. Are you on Medicare part B? Are you full retirement age of 66 and whatever number of months for your birth year? If signed up for Medicare part b they are taking out the $170 and change, I don't remember exact number at this time, but that alone is not adding up either. You really need to talk to someone at Social security office and get an explanation. Then decide if you have to change your retirement. How old are you? I'm no expert, just watching videos to learn myself but very odd dollar difference you are stating.
@@micheleyoungblood 62and a half and no medicare ! Government just is squeeky with giving back what they have stolen from me over 45 years ! Plain and simple government is not your friend ! New math can be hard !
I am a single senior retiree who lives on Social Security, $12,900.00 per year ($1075.00 per month), below the poverty level. I worked 40 years, but most of those years in the outsourced/PT/no benefits political paradigm. As such, I believe there should be a base income for Social Security recipients of no less than $1,700.00 a month, or an annual income of $20,400. Welfare recipients, migrants, and refugees live better than I do. I do not care how "they" calculate anything; I just want enough food, to drive more than twice a month, and be able to pay a copay for medical needs. I haven't been to a restaurant in six years.
What is a "no benefits political paradigm"? If you worked and for many of those years did not pay into Social Security, what you get out the other side is reduced. Simple. Because you admit you "did not care how 'they' calculate anything" (it's always 'they,' not you), you paid the price for your ignorance and lack of care about your retirement ("paradigm": you can lead a horse to water, but you can't make it drink). Social Security has always made it clear that the monthly payment was to supplement what you saved during your working years for savings and investments. If you didn't save anything for your retirement from your work, and if you "did not care" to figure out how the system works, your current situation is the logical result. This was no government or "political" secret. I learned about this through all my 50 years of working, starting with military service (Navy didn't really care weather I survived the Mekong Delta or not, so it was up to me to care). No government on earth really cares about you as an individual. Only one person cares (or doesn't care): that's the person you see in the mirror. My brother and sister could share their tales of woe with you; they have tried with me and it doesn't work. You have to live your life like the third pig. Of course, now they resent me. Tough!
Use the CPI - E and make a note that if the CPI -e is lower than the CPI - W, than use the higher. Wow - amazing lawyers cannot figure this out. Didn't we have questions like this in 1st grade? Use the higher number.
I have a question not sure if you can answer it, if I have a pending Social Security Disability Cl͏a͏im it has not been approved, can I still apply for my early retirement at 62? Not sure if this makes sense to you. Thank you so much for all your information. And I will turn 62 On January the 20th 2023.
You can. Just know that your SSDI could be reduced for any months you receive your retirement benefits if the disability onset is after the date of filing. The SSA has more info at secure.ssa.gov/poms.nSf/lnx/0300615110#:~:text=An%20individual%20who%20at%20the,MBA%20rather%20than%20the%20PIA.
My example: I didn't collect benefits until I turned 70. But COLA adjustments were made to my projected (estimated) full retirement age benefit each year, plus the fact that I was still working and earning more. I saw this in annual letters I received.
How do you get that how do you get the benefit for $900 shopping spree that's what it said on the internet I bet you it's not true if it is that would help me out a lot
Correct....it's a net gain for most folks and not "totally eaten up by Medicare" as we always hear. That would only apply to the lowest-draw folks on SS, those that (say) make $600/month...only then would the Medicare increase eat up all.
This is off the sink. But I’m confused my husband died at 62. I never remarried I’m 70 now they told me I could not draw off. Him because I had a higher income so where did his money go? We had been married 34 yrs.?
HIS MONEY GOES BACK INTO THE GENERAL FUND..WHO EVERS IS THE HIGHER AMOUNT THAT IS WHOS YOU GET...AND WHEN SOMEONE DIES THAT MONEY JUST GOES BACK INTO THE GENERAL FUND.
Any increase still doesn't match for the cost of living I due to much higher rent, house purchases, food. Just those alone doesn't bring SS any closely to cost of living
Why can't they simply look at both cpi-w and cpi-e each year and use whichever is higher. No brainer. Problem solved. Now can I charge the govt a million dollars for solving this problem? I'm sure they have already spent more then that trying to figure this out.
You can also wait and file to receive benefits up to 6 months after October and receive the 6 months in a lump sum in the following year for taxes if you are still doing Roth Conversions
Cola adjustment should be made to all seniors according to the following. 1 Yearly part B premiums . 2 any purchasing retail items especially drug related . 3 and of course any gas increases auto and home heating bills
@@jazzcatt well food cost would go under retail purchase, however I would love to say to you that housing should be a part of it but I don't see that happening
Medicare B premiums reflects actual rising medical costs, and these don't care about no COLA. Shifting the cost to the general population is not very popular.
The CPI is a joke, an insult to the intelligence. For the purposes of figuring one's daily expenses, things like tires, furniture, and other long-life items should not be included. Food, gasoline, housing, utilities, medical should be used. All of the things with an inelastic demand are what should be the determining factors when calculating the rise in the cost of living. For instance, and probably the most salient one right now is the rising cost of groceries. I don't care what the Bureau of Labor Statistics says, the increase in the cost of those items is a lot more than the 7.8% or 8.1% inflation rate the BLS is floating. When they drag it down with those other things, it does not accurately represent the actual increase in the daily cost of living.
I do not get that I'm on Social Security and I just saw that on the internet I can't believe it's not true if it is true that would help me out for the low income people could help them out that's for sure
My EX husband (AGE 70), just filed for his social security. We were married 12 years. I am 74 years old, & I filed at age 62. I am not married. I know, now that my ex has filed, i can get half of his soc sec check, if his half is higher than my check. My question is, will they use the amount of “his check” at 62, 66, (FRA), or age 70????
I’m trying to understand this.I am understanding that you don’t get the raises that happen before you turn 62, even though prices have gone up and your Social Security won’t go as far , you don’t qualify for those at all ? Or do they hold them and give them to you when you turn 62 . I’m still confused by that. Because it seems unfair if you turn 62 after the big COLA came out from last year, your expenses will STILL have gone up but you don’t get that COLA because you didn’t turn 62 till after it came out . So everybody else that was 62 before it came out makes more money than you do if otherwise they we’re supposed to get the same as you but turn 62 in time? That just doesn’t seem right that you turn 62 a year or two later so you lose all the raises even though the economy did change and your benefits aren’t going to go as far , you’re not going to get as much as people that were a year or two older than you ? Am I understanding this , because that doesn’t seem right to me because sometimes there’s only a few months to a year in between qualifying or not and you’re still affected by inflation the same as the people who get it ?
Before you turn 62 your PIA is still being calculated. Once your PIA is calculated from your AIME at 62 then the colas increase your FRA. Most years your AIME is greater than are colas in retirement. Basically two different computations for your benefit to keep up with inflation. Hope that helps because you sounded pretty frustrated about not receiving a cola before 62.
I'm trying hard not collect until I have to. I'm 69 in April so I have to wait for another 14 months if I want maximum retirement. I lose my $9,000 in hazard pay retirement July 2023 and will make up more than the difference with SS. When my passes (Alzheimer's) I can get the 100% retirement survivor benefit I pay now, about $9,000 a year. Physically, unless it is 100% behind a desk, I am not employable due to my broken back. Some of us worked in life! Lol! Fire & Rescue for me. I shouldn't complain. I should have been dead 16 years ago if you go by the actuaries.
After listening to you. I see no major difference between I and e. A meaningful restructure would apply a more realistic (true) evaluation in real life cost.
We are hearing a lot about gasoline prices in the popular media,but I don't think high gasoline prices are nearly the problem that the overall high inflation rate is,with the destruction of people's savings /purchasing power. Of course people who have to drive commercially or to commute to job locations can be heavily impacted,for others it might be possible to walk to get that newspaper or donut instead of firing up the car I fear that the high gasoline prices will be used to "justify" attacks on the oil and gas industries I think such industries are vital to our (USA) military competence along with other "smokestack" industries Also it should be checked out as to whether Putin has funneled support to the "Big Green" "revolution" advocates Very upsetting that the fratricidal attacks in Ukraine are still going on but our economic problem of accelerating high inflation did not start because of those attacks.
IF YOU PLAN YOUR RETIREMENT QUITE FRANKLY IT WORKS VERY WELL .THE Only ONES WHO ARE HAVING PROBLEMS ARE THE ONES WHO DIDNT PLAN FOR THERE RETIREMENT!!!
What are your thoughts? Let me know here below!
I got my cola And it went out the window when they raised medicare
Thank god I'm vet and don't have be concerned a Medicare. Mine to rent.
They only raised medicare 20 DOLLARS..!!!!
@@marshamckee2479 I will take the increase. I had two heart surgeries worth about $150,000 total in 2024. And I am back walking for 1&1/2 hours a day. Thanks for paying into Medicare!
Thanks for the review Devin. You go slow enough and explain clearly enough that even a geezer like me can follow your train of thought. And you don't stop to water your dog or pet him either.
I do, but edit that out. 🐾
Yes, they think a 5.9 is such a big deal. I got a whole $47 increase a month. Now I draw $1131 a month. Try living on that . They should start social security at $2000 a month and then go from there
It was never meant for you to live on 100% anyway
Yup at least! It costs 2,500 just to rent a one bedroom apartment in Washington state on average
My ssdi is about 300 less then what you get...sad sad times for everyone
@@annoyed3 I guess you didn’t notice with all this inflation costs went up while savings went down. Look at prices of rent, homes, cars, food while pay isn’t keeping up.
PEOPLE FORGET THAT YOU GET WHAT YOU WORKED FOR......DID YOU GET DECENT RAISES. DID YOU STAY AT THAT JOB TO GET A DECENT CHECK OVER THE YEARS TO GET A SS CHECK YOU CAN LIVE ON ..DID YOU HAVE A 401 OR SOME TYPE OF SAVING TO HELP YOU WHEN YOU RETIRED. AND IF YOUR STILL RENTING AS A PERSON ON SS ..THAT RENT WILL GO UP EVERY YEAR ..AND THAT WILL TAKE YOUR HARD EARNED SS CHECK REAL FAST..
Looking at the third quarter average inflation rate doesn’t seem to capture how much more you had to pay for products and services over the previous 12 months. I think Social Security should use inflation data over a longer period. Why not use the full 12 months of inflation?
Thanks for addressing Disability because a lot of Social Security videos just don’t include people receiving Social Security Disability.
Absolutely! Be sure to subscribe for more content on Social Security Disability.
People on benefits through no fault of their own, disability etc.. are the most vulnerable and suffering the most, via housing and cost of everything rising!!
Yes I agree. I get just over $900 a month on SSDI and can't afford housing and now homeless. My vehicle broke down and cost more than I make a month to get it fixed and it's not worth putting any more money into it, but I don't make enough a month to get a loan to get something dependable or reliable. There needs to be more help for those of us on Social security benefits. We are struggling and it's not fair.
Thank you for your videos. Why can't they use the LARGER of the CPI-W and the CPI-E?
No money
As usual thank you for all of the info!!
My pleasure!
I believe that the politicians, every year, should consider both CPI-W and CPI-E and apply the highest one because the retirees usually don’t have any other source of income and the medical cost keep increasing every year regardless.
Thanks for keeping us updated
Thanks for watching!
What change is done is beyond me. However, I believe there needs to be a change that works. Just please make sure it works.
You’re the best ! Count on you for the truth !!
Glad to help Michael!
What if they split the difference between CPI-E and CPI-W for an average. What would that look like reviewing past history? Better overall or just the same long term outcome?
Just guessing based on previous Devin discussion, it’s a wash.
Why not use what the Federal Reserve uses to evaluate inflations effects? They use the Personal Consumption Expenditures (PCE). It uses specific prices to analyze the inflation target and make decisions from that vantage point. It is also not a huge departure from the CPI so less controversial but could/should be more accurate and balanced. Formula: Y = C + I + G + (X - M); where: C = household consumption expenditures / personal consumption expenditures, I = gross private domestic investment, G = government consumption and gross investment expenditures, X = gross exports of goods and services, and M = gross imports of goods and services.
I received my COLA but they increased the Medicare. Ja!!
Mine to i wonder if Pelosi will come out have a news conference and call it crumbs and demand more for the senior citizens dont hold your breath
My 82 year old got a 48.00 increase and then they took that same amount off her food stamps.
Hello Mr. Carroll
I hope you will be able to answer my question at some point in your future videos as you see applicable . Thank You in advance.
When someone is working while receiving a retirement benefit . When they have received multiple w 2’s for a particular year and one of the W 2’s shows no social security tax with held because they made under $2500 in that company during the year.
I noticed that my online SSA statement does not reflect that w 2 total wages in my total earnings for that year. Can you tell me in other words if the SSA counts all wages for thst year as my IRS does or does SSA only count all W 2’s that show SS tax with held.
Thank You Again
YES THEY HAVE TO CHANGE ON HOW THE COST OF LIVING ADJUSTMENT WILL BE PERIOD!!!!!!!
Or what will happen if "they" don't? Putin will save us all?
Change scares me. Even when you put out a video that the title says, "There MIGHT be a change" I start flipping out. I mean, when was the last time they changed something and things got better.
One huge problem is that there is a one-year gap between the date your PIA is calculated and the first COLA to which you are entitled. For example, I am retiring this year (2022) at age 62. My PIA was calculated based on the ending year of 2020. And my first COLA will be announced in 2022. So all the inflation in 2021 is completely invisible to my benefit. And since future COLAs only cover one-year timeframes, this gap-year inflation will permanently reduce my lifetime benefit. Yes everyone regardless of what year they start benefits has a gap year, and since annual inflation usually runs about 2 or 3%, most people are in the same boat comparatively speaking. But since not all gap years are the same inflation-wise, those unlucky to begin benefits following a historically rare spike in inflation like the one we had last year are totally screwed for the rest of their life. Unfortunately, few understand how this gap year works so there is little word-of-mouth about it and it's not on the politicians' radar for a fix.
Astute observation. Their defense of this two year lag is that the wage inflation affects you from two years before you had your first year of earnings. Like you, I'm not so sure that equals out.
The government have accountants who figure the numbers to work in their favor.
Thank you, Devin Carroll, no need for an Oracle of Delphi when we have your wisdom.
Thank you!
I am going to start collecting SSI this year . I'm driving Uber for a job now. Can I continue to work Driving? What is the max I can make in a year? Is the SSI included in the total?
Aloha Devin for this wealth of information about SS, the last big change was in 1983 what are you hearing about on the next SS reforms?
the more people work and not try to live off the free rides the more will be paid into SS. If I decide to file at 62 what is the maximum I can earn if still
working or hopefully doing something I enjoy? Thanks!
Looking at my benefit on the SS website and my monthly benefit at FRA is $3000. I am currently 62 and still working. When I log into my SS in January 2023, will my FRA be $3240 assuming an 8% COLA increase?
How do you get a stimulus payment that is over a yr late
They say it is being processed but still not received it
I never got any stimulus and my tax firm said I should give up on ever getting it?
Sorry I have not got the new on I am on disability
So, for the CPI they should always take the higher of the two and apply to SS benefits. Problem solved.
If we receive an increase, then we make too much to get food stamps? Why doesn't the cap on food stamps go up as well as our increase?
I became totally disabled at a young age. When I reached retirement age, they converted my social security from disability to retirement, Why? Would it cause me to receive less or more? thanks
Usually stays the same.
Disability as a program is for those who need to work and can't. You don't need to work. The payments then come out of the SS retirement fund rather than the Disability Fund.
@@SandfordSmythe What? Father says we're to work, so I did, then I was injured twice, rendered totally disabled. I can no longer work due to my injuries. I know what you're saying, but you didn't answer my question. tc
@@wheepingwillow24u17 Why your disability converts to regular retirement funds at 66? That's the law. You don't require to be paid disability money to survive. The Disability Fund is separate and has limited money. Your retirement funds are sitting in Retirement Fund and are ready to be used.
@@SandfordSmythe Thank you, and they are. tc
Here's my question. I'm working until I turn 70 I'll be turning 69 and November. Will my 8.2% increase for waiting to take the Social Security. Will it be added to the cola. So it would be possible for me to have a 16.2 increase for 2023. Second question will I get the 8.2 and the cola for my last year 69 through 70?
You get increases only once you have started taking SS not before you take it.
@@MamaDee737 It was my understanding that the cola and the 8.2 would be added to my social security benefit until I retired at 70. You're telling me that when the colas go through for a person who is not receiving their social security they don't get those Cola increases?
@@richardhildreth1014 It sounds like you have not started taking benefits yet. Your start amount will already have increases factored in. Hope this helps.
@@MamaDee737 thank you very much for responding to my questions.
Medicare is taking more than the raise I got
It might take all of it but not more (hold harmless)
That is only tue for the absolute lowest SS earners. This example....say your take is $600/month...the 5.9% increase last year is about a $35 raise. That year, Medicare jumped from about 140 to about $172...or an increased bite of $32. Anyone making over $600/month on SS got something....and did not get that raise wiped out or worse. I get it....it's bad...but the claim of having the raise completely wiped out, is an exaggeration for most.
Is the COLA increase based on the original amount you started social with or is based on the prior year.
Is there another stimulus coming ? 2 people i know both got an extra amount added this month.
Just retired in August last year . Took the letter into my interview that they sent me 2 months prior that stated my benefit would be 1260 a month . I ended up getting 865 a month . What happened ?
Did you retire at 62? Your letter have the higher amount to be at full retirement age? Retiring at 62, you will receive a much lower amount. You may want to think about retiring and if you don't have to wait until your full retirement age for the higher amount. I believe you can change your mind in the first year of taking your social security and have to pay back what you have received. If you are older than 62 but not full retirement age then you also get a reduced amount for the rest of your life. If you have savings you can live on or go back to work a few more years you may want to do that.
@@micheleyoungblood The letter states and I quote " if you retire today your benefit is " .
@@scottodonahoe9505 it makes no sense the letter says $1260 but you got $865. Are you on Medicare part B? Are you full retirement age of 66 and whatever number of months for your birth year? If signed up for Medicare part b they are taking out the $170 and change, I don't remember exact number at this time, but that alone is not adding up either. You really need to talk to someone at Social security office and get an explanation. Then decide if you have to change your retirement. How old are you? I'm no expert, just watching videos to learn myself but very odd dollar difference you are stating.
@@micheleyoungblood 62and a half and no medicare ! Government just is squeeky with giving back what they have stolen from me over 45 years ! Plain and simple government is not your friend ! New math can be hard !
5.9 % cola doesnt cover the rent increase of 15%.
My rent went up 37% last month. I'm moving offshore.
Maybe time for a change of scenery.
In Florida, housing prices and rents have gone up far more than that.
@@stevetonnesen3666 And for those who CAN'T afford it they have just only 3 options; PAY, MOVE, or DIE..............
That is why a good number of Americans are moving abroad when they retire - cost of living is 50% less ( at least 1/3 less) - Literally!!!
I am a single senior retiree who lives on Social Security, $12,900.00 per year ($1075.00 per month), below the poverty level. I worked 40 years, but most of those years in the outsourced/PT/no benefits political paradigm. As such, I believe there should be a base income for Social Security recipients of no less than $1,700.00 a month, or an annual income of $20,400. Welfare recipients, migrants, and refugees live better than I do. I do not care how "they" calculate anything; I just want enough food, to drive more than twice a month, and be able to pay a copay for medical needs. I haven't been to a restaurant in six years.
Why on earth would you spend a career in a job like that? Now you complain about living on SS? You reap what you sow.
What is a "no benefits political paradigm"? If you worked and for many of those years did not pay into Social Security, what you get out the other side is reduced. Simple. Because you admit you "did not care how 'they' calculate anything" (it's always 'they,' not you), you paid the price for your ignorance and lack of care about your retirement ("paradigm": you can lead a horse to water, but you can't make it drink). Social Security has always made it clear that the monthly payment was to supplement what you saved during your working years for savings and investments. If you didn't save anything for your retirement from your work, and if you "did not care" to figure out how the system works, your current situation is the logical result. This was no government or "political" secret. I learned about this through all my 50 years of working, starting with military service (Navy didn't really care weather I survived the Mekong Delta or not, so it was up to me to care). No government on earth really cares about you as an individual. Only one person cares (or doesn't care): that's the person you see in the mirror. My brother and sister could share their tales of woe with you; they have tried with me and it doesn't work. You have to live your life like the third pig. Of course, now they resent me. Tough!
I didn’t get my full 5.9% increase. I am about 40.00ish short. Why would that happen?
Yes, change it!!!
I'm on disability and not 62. And still.get the COLA adjustment every year...
Use the CPI - E and make a note that if the CPI -e is lower than the CPI - W, than use the higher. Wow - amazing lawyers cannot figure this out. Didn't we have questions like this in 1st grade? Use the higher number.
I have a question not sure if you can answer it, if I have a pending Social Security Disability Cl͏a͏im it has not been approved, can I still apply for my early retirement at 62? Not sure if this makes sense to you. Thank you so much for all your information. And I will turn 62 On January the 20th 2023.
You can. Just know that your SSDI could be reduced for any months you receive your retirement benefits if the disability onset is after the date of filing. The SSA has more info at secure.ssa.gov/poms.nSf/lnx/0300615110#:~:text=An%20individual%20who%20at%20the,MBA%20rather%20than%20the%20PIA.
Take both measurements add them divide by two.
so what your saying is if i turned 62 in nov 2021 i get the cola even though i have not filed yet?
Yes
Your projected benefit amount is increased by the COLA amount.
My example: I didn't collect benefits until I turned 70. But COLA adjustments were made to my projected (estimated) full retirement age benefit each year, plus the fact that I was still working and earning more. I saw this in annual letters I received.
@@johnc2438 ty
Very. Good
How do you get that how do you get the benefit for $900 shopping spree that's what it said on the internet I bet you it's not true if it is that would help me out a lot
I track my personal spending and my personal inflation is 17.3%
Cola did not "go out the window". It cut into it a bit. But there was still a Net gain for everybody.
Correct....it's a net gain for most folks and not "totally eaten up by Medicare" as we always hear. That would only apply to the lowest-draw folks on SS, those that (say) make $600/month...only then would the Medicare increase eat up all.
This is off the sink. But I’m confused my husband died at 62. I never remarried I’m 70 now they told me I could not draw off. Him because I had a higher income so where did his money go? We had been married 34 yrs.?
HIS MONEY GOES BACK INTO THE GENERAL FUND..WHO EVERS IS THE HIGHER AMOUNT THAT IS WHOS YOU GET...AND WHEN SOMEONE DIES THAT MONEY JUST GOES BACK INTO THE GENERAL FUND.
@marshamckee2479 It directly goes out to another beneficiary.
How about SSDI at 63 years old permanent disability
Any increase still doesn't match for the cost of living I due to much higher rent, house purchases, food. Just those alone doesn't bring SS any closely to cost of living
Why can't they simply look at both cpi-w and cpi-e each year and use whichever is higher. No brainer. Problem solved. Now can I charge the govt a million dollars for solving this problem? I'm sure they have already spent more then that trying to figure this out.
If I’m turning 70 in October, when should I file for social security?
You can file 3 months before the month you want to start receiving benefits.
@@SpynCycle57 thanks very much
You can also wait and file to receive benefits up to 6 months after October and receive the 6 months in a lump sum in the following year for taxes if you are still doing Roth Conversions
Thanks.
You're welcome
Yes
Cola adjustment should be made to all seniors according to the following. 1 Yearly part B premiums . 2 any purchasing retail items especially drug related . 3 and of course any gas increases auto and home heating bills
You forgot food. We all have to eat. You forgot housing. We all need shelter. Both of these have skyrocketed for everyone.
@@jazzcatt well food cost would go under retail purchase, however I would love to say to you that housing should be a part of it but I don't see that happening
Medicare B premiums reflects actual rising medical costs, and these don't care about no COLA. Shifting the cost to the general population is not very popular.
The CPI is a joke, an insult to the intelligence. For the purposes of figuring one's daily expenses, things like tires, furniture, and other long-life items should not be included. Food, gasoline, housing, utilities, medical should be used. All of the things with an inelastic demand are what should be the determining factors when calculating the rise in the cost of living. For instance, and probably the most salient one right now is the rising cost of groceries. I don't care what the Bureau of Labor Statistics says, the increase in the cost of those items is a lot more than the 7.8% or 8.1% inflation rate the BLS is floating. When they drag it down with those other things, it does not accurately represent the actual increase in the daily cost of living.
I do not get that I'm on Social Security and I just saw that on the internet I can't believe it's not true if it is true that would help me out for the low income people could help them out that's for sure
Yes. More. Money
Easy solution: The higher of the two
So why don’t they use the cpi that will give the greater benefit each year. Which ever.
They should do a special cola now for this inflation.
My EX husband (AGE 70), just filed for his social security. We were married 12 years. I am 74 years old, & I filed at age 62. I am not married. I know, now that my ex has filed, i can get half of his soc sec check, if his half is higher than my check. My question is, will they use the amount of “his check” at 62, 66, (FRA), or age 70????
I’m trying to understand this.I am understanding that you don’t get the raises that happen before you turn 62, even though prices have gone up and your Social Security won’t go as far , you don’t qualify for those at all ? Or do they hold them and give them to you when you turn 62 . I’m still confused by that. Because it seems unfair if you turn 62 after the big COLA came out from last year, your expenses will STILL have gone up but you don’t get that COLA because you didn’t turn 62 till after it came out . So everybody else that was 62 before it came out makes more money than you do if otherwise they we’re supposed to get the same as you but turn 62 in time? That just doesn’t seem right that you turn 62 a year or two later so you lose all the raises even though the economy did change and your benefits aren’t going to go as far , you’re not going to get as much as people that were a year or two older than you ? Am I understanding this , because that doesn’t seem right to me because sometimes there’s only a few months to a year in between qualifying or not and you’re still affected by inflation the same as the people who get it ?
Before you turn 62 your PIA is still being calculated. Once your PIA is calculated from your AIME at 62 then the colas increase your FRA. Most years your AIME is greater than are colas in retirement. Basically two different computations for your benefit to keep up with inflation. Hope that helps because you sounded pretty frustrated about not receiving a cola before 62.
Easy, use whatever indicator is higher for the COLA. Problem solved.
I didn't get an increase, I got a decrease???
YOU HAVE TO WAIT UNTIL OCTOBER OF EACH YEAR TO KNOW HOW HIGH THE COST OF LIVING ADJUSTMENT WILL BE PERIOD!!!!!
I'm trying hard not collect until I have to. I'm 69 in April so I have to wait for another 14 months if I want maximum retirement. I lose my $9,000 in hazard pay retirement July 2023 and will make up more than the difference with SS. When my passes (Alzheimer's) I can get the 100% retirement survivor benefit I pay now, about $9,000 a year. Physically, unless it is 100% behind a desk, I am not employable due to my broken back. Some of us worked in life! Lol! Fire & Rescue for me. I shouldn't complain. I should have been dead 16 years ago if you go by the actuaries.
After listening to you. I see no major difference between I and e. A meaningful restructure would apply a more realistic (true) evaluation in real life cost.
The difference is minute. It sounds good for politicians who are trying to get votes, but it really doesn't make that big of a difference.
We are hearing a lot about gasoline prices in the popular media,but I don't think high gasoline prices are nearly the problem that the overall high inflation rate is,with the destruction of people's savings /purchasing power. Of course people who have to drive commercially or to commute to job locations can be heavily impacted,for others it might be possible to walk to get that newspaper or donut instead of firing up the car
I fear that the high gasoline prices will be used to "justify" attacks on the oil and gas industries
I think such industries are vital to our (USA) military competence along with other "smokestack" industries
Also it should be checked out as to whether Putin has funneled support to the "Big Green" "revolution" advocates
Very upsetting that the fratricidal attacks in Ukraine are still going on but our economic problem of accelerating high inflation did not start because of those attacks.
And cannot work at home or any job
They should take which ever elderly could make the most money
Is. There. More. Money. Coming. To. Us
Devin, any increase is mostly washed away with the yearly medicare increase, prescriptions, etc......☹😡
Not for my wife and me. After Medicare increases, my wife's and my payments still went up by $295 a month. That's no "wash."
My uncle lives in a 3rd world country province and he says inflation is already reaching the shores. it ain't looking good
All this yadda yadda means squat because Medicare takes it all back !
The inflation rate is a joke or numbers game, Real inflation is about 20% not 7.5%.
🤓🖖✌👍👌😎
so basically you dont need to know any of this
Greatest Ponzi scheme ever invented!
IF YOU PLAN YOUR RETIREMENT QUITE FRANKLY IT WORKS VERY WELL .THE Only ONES WHO ARE HAVING PROBLEMS ARE THE ONES WHO DIDNT PLAN FOR THERE RETIREMENT!!!
@@marshamckee2479 Planning... Haha. It only takes one major medical issue, and all is wiped out... I know and so do many of my friends and neighbor's!
If we get a increase in social security they increase our insurance
Medicare needs to be paid also.
THATS JUST HOW LIFE IS .EVERY THING RAISES UP ..IN PRICE WHY IS MEDICARE NO DIFFERENT
COLA again in July, twice a year is better
I get COLA the past years and I'm 50. I'm SSI