Social Security COLA 8.7% for 2023

[Gale Hawkins]

YOU CAN STIIL WORK AND COLLECT.
I you choose to do so you still pay into SS and pay taxes but you get nothing added to SS by working and collecting.

Perhaps you do not but many of us do get increase in pay if we replace a zero or a very low year with a year of good earnings in the 35 required years.

 

[B7510HSD]

Doesn't mean much - wait until you see the Medicare Pt premium. It (most years) is increased more than the COLA. In 2009 it was $96.40 and pretty stable. Today, I think it is $170, and seems to increase each year. We will see soon in 2023. Of course, the Pt B is higher for higher incomes.

They say it will go down for 2023 about $5 along with the COLA of 8.7%

 

[KennyG]

One positive of paying all the income tax on social security payments is it supposed to be funneled back into the social security fund and not general treasurer as I understand.

I was curious so I looked this up. The original law as that if you were above a certain income level, 50% of your SS was taxed and the tax went into the SS fund. When they changed the law so that up to 85% of the SS can be taxed, only the original tax on the 50% went to SS and the rest now goes to Medicare (probably because the Medicare funding was seen as more of a problem.) Either way, it does benefit retirees.

 

[Gale Hawkins]

Doesn't mean much - wait until you see the Medicare Pt premium. It (most years) is increased more than the COLA. In 2009 it was $96.40 and pretty stable. Today, I think it is $170, and seems to increase each year. We will see soon in 2023. Of course, the Pt B is higher for higher incomes.

With one in the household with family health insurance plan one can delay paying part B premiums for many years I'm hoping to make it to 74 before I sign up for part B but time will tell the tale. In a year the kids turn 26 and will have to come off of their mother's family plan. But as long as she's working that's about 4 grand a year that she and I are delaying paying part B premiums. Yes the family plan is costing us something out of the pocket but it is worth it for four people.

 

[bmg88201]

It was good news to here my SS is going up 8.7% next year, bad news is that next year my health insurance premiums are going up 7%. So that means is get a 1.7% raise. Yay for me

 

[scootr]

It was good news to here my SS is going up 8.7% next year, bad news is that next year my health insurance premiums are going up 7%. So that means is get a 1.7% raise. Yay for me

only true if your benefits and medical are equal, right?

 

[bigtiller]

'Life is easier when you plow around the stumps'

You have to put up with all the roots holding it in the ground. Once you remove them the stump will just topple over. The stump is betting you don't value removing it enough to go through all that effort so you just go around it and it continues to occupy that spot.

Not according to Samuel Clemons.

 

[FERLING]

Doesn't mean much - wait until you see the Medicare Pt premium. It (most years) is increased more than the COLA. In 2009 it was $96.40 and pretty stable. Today, I think it is $170, and seems to increase each year. We will see soon in 2023. Of course, the Pt B is higher for higher incomes.

Lowered by $5.00

 

[FERLING]

Right they are always willing to let you work and pay more.
I saw today on the news the average 401k value is down 25% from Jan 1.
American personal savings has lost over 2.1 billion dollars in value this year.
If you had a 100k socked away jan 1st 2022 you have 75k today... ouch

If you didn't cash in then you have lost it only on paper. Also if you don't cash in on the high side then you have only made money on paper.
The life of stocks and bonds and management fees they charge to keep track of your savings.

 

[ljjhouser]

Lowered by $5.00

Did the MC Pt Permium lower by $5? That would be a pleasant surprise.