Feel More Secure With Your Increase in Social Security
Because of inflation from rising energy costs and
the increases in Medicare premiums [just to name a few], COLA [cost of living
adjustment] will witness the largest increase since 2001 with a boost of
2.7%. While this is good news for those receiving SSI checks [I guess if
you do not count inflation and that it is not good news at all], it really
only amounts to an increase in social security payments of about $25.00
a month for the average retiree.
Largest social security increase since 2001
Or, as some have said, woo-pe-dee-doo! Most claim that even though this
increase is based accurately off a measure of the CPI [Consumer Price Index],
it does not recover what is lost to increased premiums for Medicare; an
increase's that will raise the average premium ~$11.00 a month on doctor
visits. However, there is also a provision [US Government] that ensures
people who benefit from Medicare that they will not have to pay an amount
over their own cost of living adjustment. This means that there will also
be many who will not suffer the $11.00 price hike.
Our congress, or most the democrats in the congress, is currently working
to place a more stringent limit on the amount premiums are allowed to go
up. The aim is to cap the premium increase at twenty-five percent the increase
in cost of living each year.
However, this is just a brief solution for social security with the baby
boomer generation coming of age. Alan Greenspan suggests that the retirement
age be raised and/or reduce the annual COLA [cost of living adjustment]
increase. Either way, social security spending needs to be limited as it
is already more than could be afforded. It has also been complained that
if Medicare operated more efficiently, up to a few billion dollars could
be recovered for other use [at least it wont go missing].
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> Feel More Secure With Your Increase in Social Security