Social Security increase
 

Received an email last night that the final numbers are in for the cost of living adjustment for 2024.

After deductions, mine is going up $50/month.
Not nearly as much as last year...but still better than nothing.

Now, to figure out what I will spend the $50 on.:)

A 1/2 bag of groceries?

I'll take it. Better than a sharp stick in the eye.

Stax and Taco Bell?

^^^ I was thinking more of a tank and a half of gas each month. Maybe more, the way the price is going down.

25 burritos each month is prob too much.:)

I'm up as well. No complaints here.

Prob is so midwest. You probably own turtles.

For $50, ALDI is one nice grocery bag with, say, one $10 meat - Chicken or burger.

Edit: That's an ALDI paper grocery bag with their shiet paper handles. Flatbutt speaks of 1/2 a grocery bag which may be a traditional paper grocery bag. Probably 1/3 more volume than ALDI. So it's more than half. Maybe 70% of a real grocery bag.

^^^ It likely is...

Taco bell and beer is my guess.

^^^ No beer at the Bell....sorry. :)

Looks like we will get 2 checks in December (or direct deposits if you have that set up like me) but no payment in January......

https://www.newsnationnow.com/business/your-money/social-security-two-checks-december/

I think direct deposit is the only option now for everyone.

Last years cola was 8.7%
This years is 3.2%

Yeah, the increase is cancelled out by the increase in cost for original Medicare for me because I passed another age level. Maybe you didn't know that Medicare costs increase as you age. I mean it's logical but hardly fair.

You don't get a lot of SS according to the math. Military or gov't pension? Or maybe you were a train engineer. :D

I don't think that's for regular recipients. I don't know for certain but it seems like it's not the core payments.

The checks will be sent to those who qualify for Supplement Security Income benefits, the report said. The first check will be sent out on the first of the month, while the second will be issued right before the new year on Dec. 29.

I do get a pension and it's about double of the SS payment. The pension is guaranteed to never change...that's why it's interesting to watch the SS COLA
I'm 70 and haven't noticed any Medicare costs going up....yet.

I think you are right, Bob.

After paying into the system for over 40 years...it is nice to recoup the money on a monthly basis.

Amen.

I just bought another motorcycle and on the way home with it in my trailer I was thinking this is only 1 and a half months SS payments....that's not so bad.

It was actually a bit less but who's counting.....;)

^^^ And I'm not going to feel the least bit guilty by living to 90 and drawing more out than I put in. :)

Did you calculate that.......or just throwing it out there?

Be interesting to know what the break even point is.

90 hell......how about 100?

The average life expectancy of an adult male is 77 years.

I'm on track to crush that figure.:)

I got a government letter yesterday to say that I'm going on the old age pension (silly local term Superannuation for it used around here) I'll be getting about $500 a week :) Yay!

Geez, I'll be pissed off if I die before I get the money.

$500 a week is not bad at all.
What age can you start drawing that?

Something tells me you know places to get beer. Founders may factor into the purchase plan among others.

+1 Me too. I like it!

I esentially plan to live forever. So far, so good.

65, so I'm quite pleased :D

^^^
We can choose when we want to start drawing...earlier means less $'s monthly.

I chose 62 to start mine...I'd rather have less now, than more when I'm in my 80's :)

Same here. I can still function and am enjoying my life. I do not think money will matter in a few years when I am not able to get around. No idea when that time will come so I am sort of living for today.

^^^ If I would have waited to start SS....I might have been able to purchase that gold-plated wheelchair that I was looking forward to.:)

Oh well...

You could have been the coolest guy slobbering in his oatmeal at the home. :D

I'm 52. Who thinks I'll be means tested out of every dime of SS?

Likely. I’m similar age and I’ve never counted on getting a dime. We really should phase it out entirely over a generation, IMO….

Your social security report has your total contributions on it. It's fairly easy to compare your annual payout to what you paid in. For me the "break even" is 2.65 years.

Of course that simple calculation ignores the question of what you would have done with the money if you had been able to take it as salary.
The first thing you would have done is pay income tax on it.

I've never counted on getting a dime either, but it can never be abolished because most people expect to get it and a lot of them want to collect as soon as they can, either as disability or regular SSI. There are way more of those folks than the ones who don't plan to collect a dime. And someone has to pay for those folks. It's not like the gov't. is actually investing the money for us to collect later. Every dime I pay in is going to my rich parents every month.

I agree people expect it which it why it’ll take a long time to get rid of it entirely…we should just draw a line in the sand and say if you are 35 or younger (or some #) no SS for you. Everyone else stays in the program till they die. I know it’ll never happen but that’s what I would do…

Also, the email said the increase will show in the January payment.

Typical response. And conveniently draws the line below your 52 year age. Ha!

When you get to an eligibility age you will be glad to draw, and like it!

And if you don't you can opt out and not draw for as long as you can.
We'll see what you do...

Just to be clear, Patrick....you are saying that in just 2.5 years......you would get the total amount of all you paid into SS for your entire life?

All it would take to ensure viability of Social Security (which some say on paper has a $3 trillion surplus) would be to eliminate the ceiling on Social Security contributions.