Question About Social Security

[KathyS]

My in-laws told my DH that they received a letter stating their ss was being reduced by 2% for 2018. Is there any truth to that? DH Dad watches CNN & MSNBC 24/7 so most of what he hears about Trump is negative. I watched CNN this morning and I heard the comments that ss could perhaps be reduced, but nothing concrete.

[ripmeister]

My in-laws told my DH that they received a letter stating their ss was being reduced by 2% for 2018. Is there any truth to that? DH Dad watches CNN & MSNBC 24/7 so most of what he hears about Trump is negative. I watched CNN this morning and I heard the comments that ss could perhaps be reduced, but nothing concrete.

dont know but perhaps a reduction in the cola

[KathyS]

dont know but perhaps a reduction in the cola

Forgive my brain fart, but is cola a type of health care?

[Agent Zero]

Forgive my brain fart, but is cola a type of health care?

Cost of living allowance. I believe social security recepients are getting a small increase but it’ll be negated (and then some) by a Part B increase.

[ripmeister]

Forgive my brain fart, but is cola a type of health care?

As agent said Cost of Living Adjustment. SS recipients generally get a "raise" based on inflation. I seem to remember seeing something recently that the COLA this year was going to be reduced.

[Don]

Yes, it's time for a Social Security update, with positives and negatives: Positive: Beginning in 2018, Social Security beneficiaries will receive a 2% boost to their monthly payouts. The increase, which is a cost-of-living adjustment, adds about $27 more a month or $329 a year for the average retired worker.Oct 23, 2017

Social Security Payouts Will Increase In 2018 - Newsweek (http://www.newsweek.com/social-security-personal-finance-money-business-finance-691185)






Social Security Payouts Will Increase In 2018

By Nicole Goodkind (http://www.newsweek.com/authors/nicole-goodkind) On 10/23/17 at 11:13 PM





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Good news for 61.5 million Americans receiving Social Security benefits: your monthly checks are about to get larger.
Yes, it's time for a Social Security update, with positives and negatives:
Positive: Beginning in 2018, Social Security beneficiaries will receive a 2% boost to their monthly payouts (https://www.ssa.gov/news/#/post/10-2017-1). The increase, which is a cost-of-living adjustment, adds about $27 more a month or $329 a year for the average retired worker. This is the largest increase since 2012, and is largely due to the rising gas prices caused by hurricanes Harvey and Irma.
Keep up with this story and more by subscribing now (https://subscription.newsweek.com/subscribe?utm_source=NWwebsite&utm_campaign=subscribe&utm_medium=in-article-daily#12months)
Positive: The 10 million Americans who qualify for Social Security disability payments will also receive a maximum monthly payout increase of $10 each month, and legally blind recipients will receive a $20 boost each month.
Automatic cost-of-living Social Security increases were enacted by Congress in 1975, and while U.S. president's are often held responsible for increases or lack thereof, President Donald Trump has no control over the payout.
Positive: In January, retirees who qualify for the maximum monthly benefit will also receive a big jump in their Social Security checks (https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf). Those who earned enough over the course of their working life and started collecting Social Security at full retirement age will get a monthly increase of $101, or $1,212 per year. About one in 10 Americans earns enough to max out his or her Social Security benefits.
But wealthy Americans shouldn't break out the bubbly just yet. Sure their payout will be larger, but their pay-in will also increase.
Negative: Workers currently pay a Social Security tax of 12.4% on all earned income up to $127,200. Next year the taxable income cap will increase to $128,700. According to the Social Security Administration, about 12 million Americans will get a tax increase as a result of this change.

Positive: In January, retirees who qualify for the maximum monthly benefit will also receive a big jump in their Social Security checks (https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf). Those who earned enough over the course of their working life and started collecting Social Security at full retirement age will get a monthly increase of $101, or $1,212 per year. About one in 10 Americans earns enough to max out his or her Social Security benefits.
But wealthy Americans shouldn't break out the bubbly just yet. Sure their payout will be larger, but their pay-in will also increase.



Now for the really bad news: the full retirement age will rise in 2018.
Americans become eligible for Social Security benefits at age 62, and benefits grow by 8% each year until age 70. Full retirement age for those born in 1955 is currently 66 and two months, which is when recipients receive the 100 percent payout. Claiming benefits before full retirement age permanently reduces payout, while those who claim their benefits after retirement age can actually earn more than 100 percent.
In 2018, retirement age will increase by two months, meaning those born in 1956 won’t be able to receive full payout until they’re 66 years and four months old. You can easily calculate your full retirement age here (https://www.ssa.gov/planners/retire/retirechart.html).

[Agent Zero]

Yes, it's time for a Social Security update, with positives and negatives: Positive: Beginning in 2018, Social Security beneficiaries will receive a 2% boost to their monthly payouts. The increase, which is a cost-of-living adjustment, adds about $27 more a month or $329 a year for the average retired worker.Oct 23, 2017

Social Security Payouts Will Increase In 2018 - Newsweek (http://www.newsweek.com/social-security-personal-finance-money-business-finance-691185)

Here’s the bad news. I was right.

http://www.investmentnews.com/article/20171117/FREE/171119929/2018-medicare-changes-will-erase-social-security-colas-for-many

[Common]

SS raises have been negated for the last 4 or 5 yrs by increases in SS deductibles, this isnt new this year, at least two years during obama SS got zero raises and still had deductibles raised.

SS recipients have fallen very far behind in the last 10 yrs, the cola has been worthless.

[Chris]

Yes, it's time for a Social Security update, with positives and negatives: Positive: Beginning in 2018, Social Security beneficiaries will receive a 2% boost to their monthly payouts. The increase, which is a cost-of-living adjustment, adds about $27 more a month or $329 a year for the average retired worker.Oct 23, 2017

Social Security Payouts Will Increase In 2018 - Newsweek (http://www.newsweek.com/social-security-personal-finance-money-business-finance-691185)



This is what I heard, 2% increase COLA. Though it will hardly match the real rise in the cost of living caused by inflation caused by the government printing more fiat money.

[Chris]

Here’s the bad news. I was right.

http://www.investmentnews.com/article/20171117/FREE/171119929/2018-medicare-changes-will-erase-social-security-colas-for-many



If you could now only explain why.

[Agent Zero]

If you could now only explain why.
I already did. As your friend says, please pay attention.

Cost of living allowance. I believe social security recepients are getting a small increase but it’ll be negated (and then some) by a Part B increase.

[Chris]

I already did. As your friend says, please pay attention.

OK. Great government we have, no?

[Kacper]

dont know but perhaps a reduction in the cola

It is supposed to be a 2% COLA increase in 2018

[ripmeister]

SS raises have been negated for the last 4 or 5 yrs by increases in SS deductibles, this isnt new this year, at least two years during obama SS got zero raises and still had deductibles raised.

SS recipients have fallen very far behind in the last 10 yrs, the cola has been worthless.
What are you referring to about a "deductible" on SS.

[ripmeister]

This is what I heard, 2% increase COLA. Though it will hardly match the real rise in the cost of living caused by inflation caused by the government printing more fiat money.
Hasn't inflation recently been next to nothing.

[Kacper]

Hasn't inflation recently been next to nothing.

More or less by the cost of living is based on the outdated basket of goods measurement. In reality though, has been alluded to, the only reason they are doing it is in order to raise the price for medicare premiums.

[Hoosier8]

My in-laws told my DH that they received a letter stating their ss was being reduced by 2% for 2018. Is there any truth to that? DH Dad watches CNN & MSNBC 24/7 so most of what he hears about Trump is negative. I watched CNN this morning and I heard the comments that ss could perhaps be reduced, but nothing concrete.

Social Security beneficiaries will get 2 percent bigger payments in 2018.

https://money.usnews.com/money/retirement/social-security/articles/2017-10-16/social-security-changes-coming-in-2018

[Kalkin]

Free people should be allowed to opt out of pyramid schemes like SS and have all their money reimbursed. Of course, if they do so, they won't be able to collect any benefits. Freedom and responsibility.

[Brett Nortje]

Free people should be allowed to opt out of pyramid schemes like SS and have all their money reimbursed. Of course, if they do so, they won't be able to collect any benefits. Freedom and responsibility.
It is a pyramid scheme, but, it hopes to have more people while there is 'birth control!' Would you say that condoms are an enemy of social security?

To provide proper social security, the state should pass a law where the elderly and those poor persons would be bought separate farms for their foods? Hell with it, why not have the state buy state farms for their needs? Then, the state could pay salaries, seed costs and water - end of problem with foods.