Closing Thought–17Jul17

Don’t Spend All That Money In One Place!

From time to time I try to be an FYI blog as well as an opinion blog with a little education thrown in for good measure……

Since so many of us bloggers are old farts that retired and depend on social security I thought I would pass on the news about the COLA for this year….

Millions of Americans who rely on Social Security can expect to see their biggest pay increase in years in January, per projections released Thursday by the program’s trustees, the AP reports. The increase is projected to be just 2.2%, or about $28 a month for the average recipient. For context, this year Social Security recipients saw an increase of 0.3%, after getting nothing in 2016. Some good news for seniors: The trustees project Medicare Part B premiums will stay unchanged next year. Most beneficiaries pay $134 a month, though retirees with higher incomes pay more. Both Social Security’s cost-of-living adjustment and Medicare Part B premiums will be announced in the fall.

More than 61 million retirees, disabled workers, spouses, and surviving children receive Social Security benefits, with an average monthly payment of $1,253. Medicare provides health insurance to about 58 million people. Unless Congress acts, the trust funds that support Social Security are estimated to run dry in 2034, the same as last year’s projection. Medicare’s trust fund for inpatient care is projected to be depleted in 2029, a year later than last year’s forecast. Over the past decade, Social Security and Medicare made up about 40% of federal spending, excluding interest on the debt; 50 years ago, the figure was 16%. The programs are expanding in part because the US is growing older: In 1960, there were 5.1 workers for each person getting Social Security benefits; today, there are about 2.8 workers for each beneficiary.

Just thought you might like to know…..

TTFN….I will be back tomorrow with more stuff….chuq

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5 thoughts on “Closing Thought–17Jul17

  1. Similar issues here. Not enough people working to pay the pensions for those of us who have hit retirement age. We have a nominal increase, just on a par with inflation. No good for me though, as I have company pensions too, so have to pay 20% tax on the whole amount received!
    Best wishes, Pete.

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