Social Security COL raise. - Page 6

fintstone · fintstone's Garage

Really? You compute your own Consumer Price Index change based on your specific family expenses? That is interesting. Do you do it monthly like the Fed? Seems like a lot of work. What did you come up with?

fintstone · fintstone's Garage

Quote:

Originally Posted by GH85Carrera

OK, I admit great ignorance in SS. I thought SSI was Social Security income. Doh!

All I really know is dad said his military retirement came to in the form of Social Security checks. Back in 1978 when he retired it was likely a paper check. I know he changed to electronic deposit long ago.

I figured SS would be broke by the time I was old enough to draw it. I did start my own retirement savings many years back. The other good thing for me is my wife was a HR director at a local University. She knows all the insurance, Medicare, and SS laws and requirements. I just have her tell me what I should do, as she is a pro at it. I take care of all the household photo needs.

https://www.ssa.gov/benefits/retirement/planner/military.html

wdfifteen · wdfifteen's Garage

Quote:

Originally Posted by fintstone

Really? You compute your own Consumer Price Index change based on your specific family expenses? That is interesting. Do you do it monthly like the Fed? Seems like a lot of work. What did you come up with?

I do it occasionally, for whatever expenditure item I'm interested in at the time. It's easy, our budget is in a spread sheet. Compare row M, column J for 2021 with row M, column J for 2022. Done.

MMARSH · MMARSH's Garage

Quote:

Originally Posted by GH85Carrera

How is it you never payed? I am self employed and I still pay in. Have you worked for cash all your life? I guess you know who to blame for no SS income. I have been paying in since I was 16. I will have to live to be 150 to get my payments back.

I didn't say I never payed, I said I havent paid since I was 24. What I did pay, doesnt give me enough credits to qualify for SS.

But, I WAS an LA County employee. I retired in June after 30 years and 2 months. I contributed to our own retirement plan (Lacera)and a 401K with a county mat ch since I started at 24. Now I get a almost 85% of the salary I was making when I retired, not including my 401K, which I don't need to touch. We get a small COLA every year.

Because I'm no longer paying into my retirement or 401K, I actually bring home more then I did before I retired. I also have free medical for me and my family.

So yes, I know exactly who to blame for no SS income.
But it looks like its gonna work out.....Retirement is awesome....

MMARSH · MMARSH's Garage

Quote:

Originally Posted by ted

Hi Mike!
Same here, retired FAA employee.

Hey Mike. Long time no see.

KFC911 · 12-13-2022, 03:42 AM

I posted earlier that the SS website showed that my Dec payment would reflect the COLA increase (which didn't seem correct to me).... the website was wrong. Saw where mine has been posted (pending) .... same as before... no increase (yet). Doesn't really matter to me, but seems that since the Jan payout is for Dec, that the increase should not occur until the Feb. payout... but whaddaIknow

?

stevej37 · 03:56 AM

^^^
I clipped this off the SSA notice....
I'm not really sure what the 7 million SSI benefits are for? (dead spouse?)

"The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits)"

KFC911 · 04:04 AM

I think SSI is some type of Supplemental for low income folks.... not regular SS that we all paid into. That said, the website (when I checked earlier in this thread) showed the increase on my scheduled Dec payment.... it was wrong.

Edited: The website is still incorrect fwiw... the amount pending into my acct. shows no increase.

Sooner or later · 12-13-2022, 04:06 AM

Mine also incorrectly shows the increase hitting this month.

stevej37 · 12-13-2022, 04:11 AM

I just now checked mine...nothing showing yet...mine usually shows on the third Wed.

pete3799 · pete3799's Garage

Mine shows the increase in Dec. but don't forget the payment you receive each month is for LAST month. So Jan. will be my first increased amount.

KFC911 · 12-13-2022, 04:27 AM

Quote:

Originally Posted by pete3799

Mine shows the increase in Dec. but don't forget the payment you receive each month is for LAST month. So Jan. will be my first increased amount.

Yep, as I've mentioned. If the COLA starts on Jan. 1, (to me), it should not actually show up until the Feb. payout.... but I was wrong once

mocha07 · 12-13-2022, 07:07 AM

By this point,the SS notification letter should have been received,showing your monthly increase amount,ours came last week.

Crowbob · 12-13-2022, 10:57 AM

Quote:

Originally Posted by KC911

I think SSI is some type of Supplemental for low income folks.... not regular SS that we all paid into. That said, the website (when I checked earlier in this thread) showed the increase on my scheduled Dec payment.... it was wrong.

Edited: The website is still incorrect fwiw... the amount pending into my acct. shows no increase.

SSI is Supplemental Security Income meant for poor disabled people and the elderly. It’s welfare because no one pays into SSI like we do with SS.

flatbutt · 12-13-2022, 11:10 AM

Saw my notice today. My COLA comes in january plus my Medicare premium is going down due to a much lower income in '20.

fintstone · fintstone's Garage

I am surprised that many younger people here are already drawing SS and not waiting for the amount to increase (until 70 or closer to 70).

stevej37 · 12-13-2022, 11:27 AM

^^^ I did early because I would rather have the extra cash while I can still enjoy it.

Crowbob · 12-13-2022, 11:48 AM

Quote:

Originally Posted by fintstone

I am surprised that many younger people here are already drawing SS and not waiting for the amount to increase (until 70 or closer to 70).

The actuarials have it all figured out. If you are not on either end of the date of death spectrum, you’ll end up getting roughly the same total lifetime amount, give or take. SS pushes people to wait because statistically the longer you wait, the less they pay over your lifetime.

The money guys push to wait because the checks are bigger and most people having financial advisors don’t need the cash up front.

stevej37 · 12:08 PM

I am in the 'longer living' category. Good health and long living ancestors.
I have no worries about money in later years...I wouldn't miss SS one bit.

If I have it sooner, I will get some use from it.
If I get more later on...no use for it.

KFC911 · 12-13-2022, 12:19 PM

Quote:

Originally Posted by stevej37

I am in the 'longer living' category. Good health and long living ancestors.
I have no worries about money in later years...I wouldn't miss SS one bit.

If I have it sooner, I will get some use from it.
If I get more later on...no use for it.

^^^^ This.... don't "need" it now, won't need it when I make it to 83ish (which is where I would "start" to be ahead) IF I even get there

, and if ya figure what I'll make investing on it in the meantime .... probably have to reach 90. Being single ... "Poof ... gone like Vash" when I croak too.

"Making money you can't spend ... ain't what being dead's about..."

"You can't take it with you..."

"Time ain't on nobody's side" - Mick was a liar

Lots of reasons that everyone with different circumstances and perspectives view differently too....