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Nickelless
Administrator
USA
5580 Posts |
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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 08/23/2009 : 15:06:43
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By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.
Given the government's statistics for inflation, there will be no SS COLA for 2010. The announcement will come out in September from CMS. For 3 out of 4 folks on SS, Medicare Part B will not rise at all because there is a "hold-harmless" provision that Part B premiums can not rise more than the COLA. For 1 out of 4 SS recipients, those in the higher income groups, Part B premiums will rise substantially depending on 2008 gross income (currently those incomes over $180,000 for couples and $85000 for individuals). SS Part D premiums will rise, as they always do, because of increased health care prices.
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Nickelless
Administrator
USA
5580 Posts |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 08/23/2009 : 18:47:11
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| It's tough when you're living on fixed incomes like SS and bank CD interest. Some older folks see their standard of living drop as the years go by. |
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The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 08/24/2009 : 15:07:59
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| Inflation is a sneaky tax. It's effects are felt most by those living from SS and other social welfare programs. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 08/24/2009 : 16:48:18
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Seeing as how my generation (and subsequent generations) will not see a single cent from that Ponzi scheme (even though I have to pay into it against my will, twice), don't expect me to shed a tear for anyone...
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 08/24/2009 : 23:57:42
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Most of us are living on pretty much a fixed income. When was the last time you got a serious raise?  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Millions face smaller Social Security checks
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