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Thread: Social Security to hand out first raises since '09

  1. #1
    Community Member Lady's Avatar
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    Thumbs up Social Security to hand out first raises since '09

    WASHINGTON (AP) — Social Security recipients will get a raise in January — their first increase in benefits since 2009. It's expected to be about 3.5 percent.

    Some 55 million beneficiaries will find out for sure Wednesday when a government inflation measure that determines the annual cost-of-living adjustment is released.
    Congress adopted the measure in the 1970s, and since then it has resulted in annual benefit increases averaging 4.2 percent. But there was no COLA in 2010 or 2011 because inflation was too low.

    That was small comfort to the millions of retirees and disabled people who have seen retirement accounts dwindle and home values drop during the period of economic weakness, said David Certner, legislative policy director for the AARP.

    "People certainly feel like they are falling behind, and these are modest income folks to begin with, so every dollar counts," Certner said. "I think sometimes people forget what seniors' incomes are."
    Some of the increase in January will be lost to higher Medicare premiums, which are deducted from Social Security payments.

    IT WAS ON THE NEWS SO WATCH HERE TO FIND OUT:

    http://www.ssa.gov/OACT/COLA/colasummary.html


    Edited to add: I am having eye surgery tomorrow so I won't be on any computer.
    Last edited by Lady; 10-18-2011 at 02:28 PM.
    Lady


    May happiness be at your door. May it knock early, stay late, and leave the gift of good health behind.

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    Distinguished Community Member agate's Avatar
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    Thanks so much for posting this. It's a real day-brightener. An extra $30/month just might cover the increase in my electric bill that is about to happen.

    I haven't noticed the prices for anything going anywhere but up in the last couple of years....
    MS diagnosed 1980. Avonex 2002-2005. Copaxone 6/07 - 5/10.
    Member of this MS board since 2001.

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    Distinguished Community Member SalpalSally's Avatar
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    Keeping you in my thoughts and prayers Lady, for a successful eye surgery, tomorrow.
    Love, Sally


    "The best way out is always through". Robert Frost







  4. #4

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    Also praying for successful surgery, Lady.

    Medicare will be covering fewer things and already this has started.

    Mariel

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    Distinguished Community Member agate's Avatar
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    I've heard people say how much better they see after cataract surgery. I hope you'll have good results from yours, Lady!
    MS diagnosed 1980. Avonex 2002-2005. Copaxone 6/07 - 5/10.
    Member of this MS board since 2001.

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    My medicare isn't going up shockingly but it there are increases on co-pays. Sure am glad for S.S. increase.

    Good luck, Lady.
    ~Susan
    Be the person your dog thinks you are

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    Distinguished Community Member Abby2006's Avatar
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    I heard avout thr
    increase' and wondered why since they are flat broke why they can't print some more money and make the ncreases.

    Abby

    Is medicare going up? because I have to pay that 20% penalty until the end of time and Idon't need any more taking out
    Stand for something or you will fall for anything

  8. #8
    Distinguished Community Member agate's Avatar
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    Abby, I heard on the TV news yesterday that the Medicare premiums are going up. The increase will be announced next week.

    If you're a "QMB Medicare beneficiary," you probably won't have to pay the premium because the state picks up the tab.

    http://www.medicare.org/medicare-bas...ogram.html#qmb

    Look under "What does the QMB program cover?" when you go to the above link.
    Last edited by agate; 10-20-2011 at 12:02 PM.
    MS diagnosed 1980. Avonex 2002-2005. Copaxone 6/07 - 5/10.
    Member of this MS board since 2001.

  9. #9
    Community Member Lady's Avatar
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    Cost-Of-Living Adjustment (COLA)
    Automatic Determinations

    COLA Determination

    Consumer Price Index

    Average Wage Index
    Since 1975, Social Security's general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. We call such increases Cost-Of-Living Adjustments, or COLAs.

    We determined a 3.6-percent COLA on October 19, 2011. We will announce the next COLA in October 2012.

    Social Security program information

    •COLA History
    •How the COLA is applied to Social Security retirement benefits
    •Effect of the 3.6-percent COLA on average Social Security benefit amounts
    •Benefit tables where special eligibility rules apply

    Supplemental Security Income (SSI) program information

    •Effect of the COLA on SSI payment amounts
    •COLA used to determine SSI earned income exclusion for students
    •Fee charged to States for Federal administration of State supplementary payments

    same link I posted above

    BTW, Thank you so much for the well wishes and prayers. I think all is well with the eye now. I have eye drops (3 boxes) all creamy so I can't see much yet but blurry. So far he said it was a success. I hit the wrong keys, more than normal Lol


    .
    Lady


    May happiness be at your door. May it knock early, stay late, and leave the gift of good health behind.

  10. #10
    Distinguished Community Member SalpalSally's Avatar
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    Good news {{{{{Lady}}}}}.
    Love, Sally


    "The best way out is always through". Robert Frost







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