Thanks to The Fed’s non-transitory ‘transitory’ inflation, millions of America’s retirees are about to get the biggest pay-rise in 39 years.
Since 1975, Social Security general benefit increases have been cost-of-living adjustments or COLAs, to keep pace with The Fed’s post-Nixon inflationary pressures.
With 2020’s surge in inflation refusing to obey The Fed’s narrative, this year’s COLA will be a stunning 5.9% – the highest since 1982.
What does this mean?
The COLA, as it’s commonly known, amounts to $92 a month for the average retired worker (to $1,657 a month next year), according to estimates released Wednesday by the Social Security Administration and a typical couple’s benefits would rise $154 to $2,753 per month.
As AP reports, the increase affects household budgets for about 1 in 5 Americans, nearly 70 million people, including Social Security recipients, disabled veterans and federal retirees.
The question is – what will happen to prices of goods and services as a result of that government-funded increase in benefits?
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And REAL inflation wiped it all away before the ink on the check was dry. The checks will always come. What they will buy is another story altogether.
My late grandmother over her entire lifetime paid a total of $82 into Social Security and drew between $5,000 – $6,200 a year for nearly 34 years. And she had the nerve to complain about it too.
What is a Reitree?
Not only does inflation wipe out the increase but, watch what they do to your medicare. I won’t even get into the discussion that SS is not suppose to be a stipend.
And your medicare supplement costs will go up 17% so………………
Exactly. Smoke & mirrors.
Wondering if the increase will bump me over the limit for reduced property taxes. That will actually cut my spendable monthly income while the price of everything keeps climbing.
If you do go over the limit, and depending on how much over you are, there are things you can do to reduce your income back below the limit. Then reapply for the discount. If it’s worth it or not is up to you.
Not here. It’s a simple form +s & -s. If the total on the bottom line is over a certain $$ amount it’s a no go.
Great, the more “money” you get, the less value it presents.
“Rei Tree”?
What’s a reitree?
7 letter word you can make with reitree
retiree
6 letter words you can make with reitree
eerier etrier retire
The first Social Security payment sent to you is the largest you will ever get. Beyond that you will fall behind each and every month. Guaranteed.
This is fantastic news! I’ll be able to afford more Lotto tickets!