Trustees: Meager Hike In Social Security Benefits Next Year

[AntiBank]

Source: ASSOCIATED PRESS

WASHINGTON (AP) -- Millions of Social Security beneficiaries can expect only a meager increase in monthly payments next year, the trustees who oversee the massive retirement and disability program said Wednesday. Meanwhile, Medicare's finances have worsened since last year, according to the trustees' annual report.

The projected 0.2 percent increase in Social Security payments would come a year after beneficiaries received no increase. By law, increases are based on a government measure of inflation, which has been low.

More than 60 million retirees, disabled workers, spouses and surviving children receive Social Security benefits. The average monthly payment is about $1,232, so the average increase would be a little less than $2.50, enough to buy a gallon of gasoline in most U.S. markets.

Social Security's trust funds are projected to run dry in 2034, which is unchanged from a year ago. If that happens, Social Security would collect only enough in payroll taxes to pay 79 percent of benefits.

Read more: http://hosted.ap.org/dynamic/stories/U/US_SOCIAL_SECURITY_MEDICARE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-06-22-11-25-24

[The Second Stone]

1. So increase the cap on payments, and require

the "corporations that are people" to contribute and when they turn 65 years of age, they don't get benefits. Only natural people get benefits.

[Omaha Steve]

3. So the average increase would be a little less than $2.50, enough to buy a gallon of gasoline

[AntiBank]

5. or 3 cans

[Scientific]

12. Thrifty.

But not nifty.

[Vinca]

4. Oh boy, 5 extra cans of Fancy Feast for Grandma.

If they're on sale.

[AntiBank]

6. great minds think................

[cstanleytech]

7. The average is $1,232? Thats far above the $770 a month my mother got until she died 2 years ago.

[Omaha Steve]

8. Not getting = pay costs women after they retire too

It is based on your lifetime earnings.

[Skittles]

14. also, it's based on 35 years of highest earnings

someone who made the same amount of money at lower pay, say, over 50 years, would still get stiffed

[former9thward]

13. I would get $2100 if I took it now.

I am eligible to take it but don't need it. An average of 1232 seems correct given the highs and lows.

[bigwillq]

9. Better than nothing, but we must do better.

SMH

[AntiBank]

11. it's actually less than nothing, the rate of inflation is higher than the increase so they actually

get less.

Inflation is the biggest hidden tax ever.

The USD has lost over 98% of it purchasing power since the day the Federal Reserve opened in 1913.


Example

1971 (when the USD was taken off the gold standard by Nixon)

Average US built car cost 2800 usd. Gold was 35 usd an ounce.

So 80 ounces of gold bought a car.

2016 average car is around 34,000 usd and gold 1265 usd per troy oz.

so only takes 27 oz of gold to buy a car

the dollar has been eviscerated against gold (gold has retained an average purchasing power for 5000 years) by a factor of 36 TIMES

cars are 12 times as expensive, yet it takes 3 times less gold to buy one


that's one example of inflation for you

[PADemD]

10. Medicare fix

Medicare, with approximately 3 percent overhead, pays for 80 percent of my hospital bill.

My supplemental insurance, with approximately 20 percent overhead, pays the remaining 20 percent of my hospital bill. My supplemental insurance costs approximately $38 more than Medicare each month.

Why not pay the supplemental insurance into Medicare and have them pay 100 percent of my hospital bill?

[Delmette]

15. Good idea!

It's a start toward Universal Healthcare.

[JustABozoOnThisBus]

16. Will the increase in Medicare be limited to the same 0.2%?

Somehow, I think it will be higher.