Social Security to hand out first raises since '09

[Lady]

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:

Only registered and activated users can see links., Click Here To Register...


Edited to add: I am having eye surgery tomorrow so I won't be on any computer.

[agate]

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....

[SalpalSally]

Keeping you in my thoughts and prayers Lady, for a successful eye surgery, tomorrow.

[Mariel]

Also praying for successful surgery, Lady.

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

Mariel

[agate]

I've heard people say how much better they see after cataract surgery. I hope you'll have good results from yours, Lady!

[ssusan]

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

[Abby2006]

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

[agate]

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.

Only registered and activated users can see links., Click Here To Register...

Look under "What does the QMB program cover?" when you go to the above link.

[Lady]

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


.

[SalpalSally]

Good news {{{{{Lady}}}}}.

[Abby2006]

I pay a penalty every year even if Medicare doesn't go up lets see how this will work 3.5 uncrease Medicare goes up and they take 20.% every month - I have yelled and screamed about this and last year their answer was 'THE COMPUTER SAYS TO DO IT' (Say What) - I am cancelling medicare as soon as a judge says obamacare is unconstitional - I am totally living on SS now.
\

Abby