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Feel More Secure With Your Increase in Social Security

Published October 20, 2004 in SOCIAL SECURITY
By Ryan Parsons | Info from Associated Press
Largest social security increase since 2001
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.

$25.00 Woo-Hoo!


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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Ryan Parsons
Sources: Info from Associated Press
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