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Post by yogibearbull on Oct 13, 2021 13:18:05 GMT
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Post by uncleharley on Oct 13, 2021 15:25:35 GMT
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Post by xray on Oct 14, 2021 10:53:35 GMT
Great increase but we still don't know what the increase in our "medical" will be. Many observers think [believe] that most of it will disappear into it and that the final result will be a much lower % than what the celebration is all about. Lets hope that the increase will be cause to celebrate....
Live Long and Prosper....
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Post by Chahta on Oct 14, 2021 11:59:14 GMT
5.9% increase, ?% increase for part B, ?% increase for IRMMA.......fewer people paying into SS and Medicare these days, no % increase in the payroll tax = recipe for disaster. Oh wait, they are going broke soon anyway.
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Post by yogibearbull on Oct 14, 2021 12:57:19 GMT
Social Security COLA is based on the y-o-y change in the Q3 average CPI-W (using July, August, September), and the guessing finally ended when September data came in. So, it is simply an inflation-adjustment. Basic Medicare Part B increase will be only about $10 (est), so this is a net positive for most retirees. IRMAA would be extra for higher income retirees (they need less/no government subsidies). Social Security and Medicare will need to be fixed eventually.
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Post by Chahta on Oct 14, 2021 19:07:16 GMT
But extra 6% has to come from somewhere...
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Post by Mustang on Oct 14, 2021 19:56:13 GMT
But extra 6% has to come from somewhere... If I understood the question correctly, most of it will come from current workers. If they get a pay raise then the amount they pay (and the employer's share) go up. If more people get back to work it will come out of their paychecks as well. Just like we paid our parent's social security current workers are paying ours. The rest will come out of the trust fund which is expected to run out of money in 2033 unless it is fixed and fixing it will be an increase in the percent each worker and employer pays just like it has been in the past.
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Post by yogibearbull on Oct 14, 2021 20:07:30 GMT
Automatic COLA has been in place since 1975. Congress can change that but cannot do anything for any particular year. There were 3 years of 0% COLA, several years of low % COLA. The highest COLA was +14.3% in 1980.
There is also news elsewhere that federal, state and local tax receipts are up sharply. And if payrolls are up, Social Security contributions also go up.
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Post by Chahta on Nov 16, 2021 13:14:13 GMT
I just read the base Medicare amount is increasing to $170.10 from $148.50 (14.5%). That is a much larger increase than for SS. The Medicare yearly deductible rises to $233 ($208 for 2021) for a 14.8% increase. That will cut into my golf budget. LOL
There will be a decent net benefit increase, but inflation will take the balance. Biden will feel the heat on this, right or wrong.
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