Social Security

[DouginUtah]

It was announced today that the Social Security COLA will be 3.6% for 2012. 

[MM]

I just don't understand the math.

[DouginUtah]

I just don't understand the math.

Substitute what your monthly check was this year in place of $1000:

  $1000. * 1.036 =  $1036.     *=multiply by

  $840. * 1.036 = $870. 

Edit: Oops.   You aren't getting social security. If you were that is how to figure it. Parents are maybe?

[Texas Ranger]

And the Medicare insurance fee will go up $36.00.

[pigman]

I am going to be rich. What am I going to do with all the extra money I am going to get next year? Now I know, the government will take it out before I get it to pay for the increase in Medicare.

[WDH]

You can spend it lavishly on your new house  .

[Gary_C]

Yes, they are going to take some of that back for Part B of Medicare. What I saw the increase will be $10.60 per month or everyone will pay $106.60 per month for Part B premium.

However there is this quote from the news:

An Obama administration official suggested the Part B premium could be lower than the projection, but did not reveal the amount.

"The administration will have an announcement about premiums in the days ahead that we believe will alleviate some of these concerns," said the official, who spoke on condition of anonymity. The official was not authorized to speak publicly about the upcoming announcement.

There the Obama administration goes again, cutting payment rates into both SS and Medicare funds while they say the funds are going broke.

[Al_Smith]

Well those scalliwags have figured a way ,one way or the other to pretty much screw people out of what they worked for all their lives .

I'm in the group they moved the retirement age to 66 .

If over the years the polititions would have left it alone there would be so much money in the fund they could pay benefits at 50 .But no they finagaled it to build grain elevaters and finance a zillion other things ,tapped into to it and ran it dry .

So big deal now they throw the retirees a little bone now to make it right ? Hang-em all .

[Larry]

I'm gonna be rich cause I won't have to pay the increased medicare at least for a while.

[pigman]

Larry, you are so lucky.

[GF]

Well those scalliwags have figured a way ,one way or the other to pretty much screw people out of what they worked for all their lives .

They also figure how to do the same while they are still working 

[Chuck White]

I became eligible for SS this past January, but due to my estimated earnings, I didn't receive my first SS check until the 4th Wednesday in May.

Hard to imagine they hold out almost half of a years entitlements because you earn over the allowed minimum.

But as it was explained to me, the money withheld will be folded back into my SS account and will gain me earning later.

But the big thing is finally the SS system is keeping up with the COLA.

[T Welsh]

Wondering if there will be SS when I get to 65 ? Tim

[Gary_C]

Wondering if there will be SS when I get to 65 ? Tim

Well it should be there. Actually the SS and Medicare trust funds combined have about three trillion dollars of assets. I wish I could be going broke as they say and have three trillion dollars of assets. 

Problem is the money has already been spent by those scoundrels in Washington, DC and there is nothing but IOU's in those trust funds.

[Al_Smith]

It's a travisty and an embarrisment that they could take what started out as a good idea and screw it up so badly .They only way to punish the culprits at this point is to dig them up and grind their bones to mix with concrete  for an inter state highway .

[T Welsh]

It's a travisty and an embarrisment that they could take what started out as a good idea and screw it up so badly .They only way to punish the culprits at this point is to dig them up and grind their bones to mix with concrete  for an inter state highway .

Al, I like your idea The only problem I see with it is, that us tax payers are going to have to foot the bill for digging them up and knowing the gubberment it would cost about $500 hr for a backhoe and operator. Tim

[Al_Smith]

About maybe 35 years ago or so they came up with various tax sheltered ideas such as 401K's ,IRA's etc . Now you just watch those pirates find a way to snatch hold of them or in some way reduce a persons SS if you have any .I do and it concerns me what those rascals are capable of .

I should have buried the money in milk cans in the back yard .Then again most likely the metal detector wouldn't work and all I'd find would be old horse shoes .

[edkemper]

> I should have buried the money in milk cans in the back yard .Then again most likely the metal detector wouldn't work and all I'd find would be old horse shoes.

And a possible prison stay. Actually, if you'd buried your cash in the backyard you'd instantly be a criminal if caught. If caught, you'd have to prove it didn't come from illegal activities. Since I doubt you'd have kept sufficient records for the gov'ment, it would all be confiscated until you could prove where each dollar came from. That's Homeland Security.

They prefer you keep your cash where they can use it before they devalue it for you.

[wesdor]

Regarding cost of Medicare Part B

I spoke with an insurance agent today and he said the premiums for Part B would go down to $99 per month. 

Made me wonder if the fact that next year is an election year had any impact on the drop in rates and COLA increase

Hope the agents facts are correct - I just applied for everything this month

[easymoney]

 no next year being an election year surely has nothing to do with the social security check increase. the politicians in Washington are just concerned for those of us trying to get by on our social security checks.

[Slabs]

Anybody know what our lawmakers' increase was?

[Papa1stuff]

 

[Al_Smith]

And a possible prison stay. Actually, if you'd buried your cash in the backyard you'd instantly be a criminal if caught. If caught, you'd have to prove it didn't come from illegal activities. Since I doubt you'd have kept sufficient records for the gov'ment, it would all be confiscated until you could prove where each dollar came from. That's Homeland Security.

They prefer you keep your cash where they can use it before they devalue it for you.

Yeah I already went through that drill when I bought the house I'm living in .Even if you have it in the bank you have to prove where it came from if you draw out a large amount .

I've dealt with the IRS and can honestly say they aren't that bad .Of course there are exceptions  to every rule .

Now here's one .There used to be the urban legion that if you withdrew or deposit in excess of 10 grand it threw up a red flag to the IRS .Not neccessarily so .

A person I know auctionere bought a chunk of land in Ohio ,about half a millon dollars worth .Payed it off over the course of less than a year ,9900 bucks at a time .Now the cheese gets binding he has to prove where it came from ,auctionere is the key word here. Orwille was right when he wrote the fictional works of "big brother " he wasn't  so far off was he ?

[edkemper]

If over the years the polititions would have left it alone there would be so much money in the fund they could pay benefits at 50.

If the politicians participated in Social Security instead of having their own untouched version, we wouldn't be here today.

[edkemper]

Now here's one .There used to be the urban legion that if you withdrew or deposit in excess of 10 grand it threw up a red flag to the IRS .Not neccessarily so.

I can assure you the $10,000 threshold is true. In fact, when I took out less than $10,000 a couple of times over a couple of months, Golden One sent me a letter advising me that after they reviewed my account activity, they suspected I was trying to deceive the IRS. Meaning, I am suspected of being a criminal.

I live debt free. I buy what I can afford. I can afford more with cash because I can negotiate from a better position. Plus there's the advantage of not getting the bill at the end of the month.

Then there's the Bank Crisis created by dishonest banks and the government. At this point, I can see no benefit to having money in the bank. I don't need more credit. I already have over $200,000 worth of available credit cards. I'm not likely to be financing anything anymore. Buried in the backyard at least I know where it is and it's there when I want/need it. And I don't have to fill out IRS paperwork to take advantage of an immediate cash price. I get more discounts with cash than the minor interest I'd earn in a bank.

[Al_Smith]

  Well if I did get the notion to bury it in the back I wouldn't advertise it over the internet .