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Social Security increase

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Hatchdog
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Social Security increase

Post by Hatchdog » Thu Oct 14, 2021 10:51 am

Looks like Social Security benefits will increase 5.9% in 2022. I’ve only been receiving benefits for a couple of years and my wife for a few more than that but this is the biggest increase we have seen. In February I turn 65 and will have to give up my very inexpensive retiree medical insurance and sign up with Medicare. It looks like between the SSI increases for the two of us and saving the paltry $20 per month insurance premium I currently pay we should just about break even with the cost of Medicare. I guess I should be happy about that which I am but that sure doesn’t do anything to offset the inflation we’re seeing.
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Shakey Jake
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Re: Social Security increase

Post by Shakey Jake » Thu Oct 14, 2021 11:01 am

I don't see the economy straightening out for a year or more. Until then everyone better tighten the belt. We haven't seen bare shelves at the local grocery store yet but hear on the news there are areas suffering from shortages.
Jake
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GunnyGene
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Re: Social Security increase

Post by GunnyGene » Thu Oct 14, 2021 2:21 pm

Shakey Jake wrote:
Thu Oct 14, 2021 11:01 am
I don't see the economy straightening out for a year or more. Until then everyone better tighten the belt. We haven't seen bare shelves at the local grocery store yet but hear on the news there are areas suffering from shortages.
Jake
We're riding a runaway train, and is the new Engineer who doesn't have a clue how to drive it.

AARP article about it:

https://www.aarp.org/retirement/social- ... ecast.html


Fully realizing that its very hard to do, lets remember we must keep political commentary out of our post
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fortyshooter
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Re: Social Security increase

Post by fortyshooter » Thu Oct 14, 2021 2:32 pm

Why is it that the SS pay out for retired folks is always on the bottom of the pile when it comes to spending money?
Was supposed to be 6.1% but the way things are going up 12% would be helpful.
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GunnyGene
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Re: Social Security increase

Post by GunnyGene » Thu Oct 14, 2021 2:41 pm

fortyshooter wrote:
Thu Oct 14, 2021 2:32 pm
Why is it that the SS pay out for retired folks is always on the bottom of the pile when it comes to spending money?
Was supposed to be 6.1% but the way things are going up 12% would be helpful.
Military retiree's will likely get the same COLA. We usually do. This one sounds like a lot, but much of the SS and Military COLA will be eaten up by Medicare and Fed. Income tax increases. Always works that way. :roll:
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GFK
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Re: Social Security increase

Post by GFK » Thu Oct 21, 2021 4:47 pm

GunnyGene wrote:
Thu Oct 14, 2021 2:21 pm
Shakey Jake wrote:
Thu Oct 14, 2021 11:01 am
I don't see the economy straightening out for a year or more. Until then everyone better tighten the belt. We haven't seen bare shelves at the local grocery store yet but hear on the news there are areas suffering from shortages.
Jake
We're riding a runaway train, and is the new Engineer who doesn't have a clue how to drive it.

AARP article about it:

https://www.aarp.org/retirement/social- ... ecast.html
But, is he really the Engineer? At any rate, it seems like we are in for a ride!
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GunnyGene
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Re: Social Security increase

Post by GunnyGene » Thu Oct 21, 2021 8:46 pm

GFK wrote:
Thu Oct 21, 2021 4:47 pm
GunnyGene wrote:
Thu Oct 14, 2021 2:21 pm
Shakey Jake wrote:
Thu Oct 14, 2021 11:01 am
I don't see the economy straightening out for a year or more. Until then everyone better tighten the belt. We haven't seen bare shelves at the local grocery store yet but hear on the news there are areas suffering from shortages.
Jake
We're riding a runaway train, and the new Engineer who doesn't have a clue how to drive it.

AARP article about it:

https://www.aarp.org/retirement/social- ... ecast.html
But, is he really the Engineer? At any rate, it seems like we are in for a ride!
Just guessing about Joe. Getting past that tho, take a look at the CPI-U https://www.bls.gov/news.release/cpi.t01.htm . Especially the 'market basket of goods' . I wonder why guns, ammo, etc. aren't included in that basket, since there's around 100 million consumers of ammo and other firearm related stuff, and all of it has been going up in price for at least a couple years.
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fortyshooter
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Re: Social Security increase

Post by fortyshooter » Fri Oct 22, 2021 12:07 pm

We just got back from the grocery store. New normal for me and wife 200 bucks now and that is no beer or steak! Ribeye running 15-17 bucks a pound now at Food Lion prices. Frozen French Fries all but gone today for some reason. A 8 count box of Jimmy Dean frozen egg/sausage biscuits over 10 bucks now!
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cooperhawk
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Re: Social Security increase

Post by cooperhawk » Fri Oct 22, 2021 2:02 pm

As we drive out our driveway today I noticed a bumper crop of squirrels. Our freezers are full and we've lots of
food running around the woods. Deer, squirrel, turkey, ect. I'll bet I can outlast Joe.
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BigAl52
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Re: Social Security increase

Post by BigAl52 » Fri Oct 22, 2021 6:54 pm

Check out the price of gas in places in Calif. 7.60 a gallon and you guys thought primers were expensive
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