Big Drop Predicted For Social Security COLA? (Not Looking Good!)
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- čas přidán 6. 09. 2024
- Join Marvin Musick from Medicare School as he shares the latest forecasts for the Social Security Cost of Living Adjustment (COLA) for 2025. He gets into how recent changes in inflation could affect Social Security benefits. There was a significant increase in 2023 and a decrease in 2024. So, what is it looking like for 2025?
Marvin provides an overview of the expected COLA for 2025, using data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to explain how Social Security adjustments are calculated annually.
Understanding the potential impact of these adjustments on Social Security recipients is crucial. Keep up with Medicare School for the latest updates and insights into Social Security and Medicare.
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I really like your utube feeds thank you for all the work you do. I will be 63 in june and will be applying what I've learned from watching you. So far everything I've learned from your feed has been dead on . Thanks again. Rich
I don't need assistance, my former employer (now retired since 2016) gave us an HSA and it pays most of my Plan F Supplemental insurance premiums with AARP/UHC.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
I am really sorry about the loss of your brothers. Your point about the government's SS payouts is valid. Waiting until age 70 for a bigger payout can feel risky. However, a financial advisor can help you make better decisions for retirement savings despite uncertainties. They offer personalized guidance for financial optimization and peace of mind for the future.
As a successful business man I agree completely. I've seen firsthand the difference they can make. With my advisor's help, I grew my investments by $1m through stock trading, which has given me more peace of mind about the future. So, take your time finding someone you trust-it's worth it, especially for retirees planning their financial future.
I'd love to know who your advisor is. You see, I'm a Russian living in America with my family, finding my way around the market can be tough and i know i am not the only one. I have $700k saved up and ready to invest, but I could use some guidance.
@@borisVladimir2 She is well known as - Chasity George Charles. please do your own research.
She is well known as - Chasity George Charles. please do your own research.
I don’t understand, groceries are still through the roof and gas just jumped back to $4.09. Rent and the cost of homes is outrageous.
Biden and democrats need all the tax money for the illegal immigrants that they care more about than citizens
Those things are all based on corporate price gouging, lingering still from the pandemic years! Until Congress passes some laws to cap profit margins that these companies and their CEOs hit us with, they will continue their attack mode!
Gas is not used in CPI-W calculations. It varies to much state to state.
Biden is all you need to know
@JD-ir2sb food products, consumer products, gas prices are not controlled by the WH...It does not matter who is in there, Democrats or Republicans ...continued elevated prices are a result of corporate price gouging. This needs to be regulated!
That's so crazy, everything is going up but our pay keeps going down.
Pretty much just like when we we working...
The billionaires are doing pretty good , thank you very much.
@@williamblack4097they don’t make you get less. Most all of the money is in the middle class ,that’s why when they want to get more money from us they have to claim that it only “taxes the rich” ,then they drop those taxes gradually into the middle class where the volume of the cash resides. Don’t be fooled by class warfare. They need to cut government spending not increase tax rates:
The a$$hole congressmen should go by senior costs. But under no circumstance should social security cola ever be less than 5%.
Or the same percentage they increase their own pay!
And it should always 100% cover the Part b Medicare adjustment.
Seniors that have no family to help them out should be eligible for some type of extra care or help with housing.
Every time we get the COLA, medical supplements go.up, rents go up, prescription insurance and copays go up. The COLA is spent before we get it. I know it is hard for all the needs to get met. Hopefully, this can even out for those who only have Soc Sec. The burden then shifts to the states to assist with the gap.
2.75% won’t give us a single full tank of gas…and don’t forget part B increase will eat some of it before we get to the pump. Why don’t they use numbers relative to seniors?
Because they simply dont care!
This is absurd. Article after article shows ALL required costs for housing, food, electricity, gasoline, vehicle insurance rates & etc., have increased up to 20% from even a year ago!
It is crazy. What if the increase in healthcare cost were worked into this COLA and not so much healthy urban and clerical workers?
They know what they doing!! I’m just disgusted with politicians and such …ugh…
Unfortunately every time we get a COLA increase, the Part B also increases in cost. At least that has been my father's experience.
Why would SS use a CPI for Urban Wage Earners & Clerical Workers? They need to change the index to one that more accurately reflects retired people.
They have changed how CPI is calculated years ago. John Williams at Shadow Stats reports the true numbers like they did years ago. The jobs report is also calculated different than years ago. Their goal is to hide how high inflation has gotten. It is an election year, so they need an economy that fits their agenda. It makes sense that COLA will go down, even though we all know better.
Didn't you know the economy is doing great, and the border is secure. While they say this, they are currently flying illegals in so the borders don't look so overrun.
Thank you so much for your hard work and management explaining these to us . I really appreciate it. You are the best of best.❤️🤗
Best of the best
You are so welcome
Just got a letter from our so called stable rate medigap provider, telling my wife and I's gap plans are going up 13.3% in November 2024. Not very stable rates in my book but evidently in Medicare world - double digit increases are normal 😮
Sounds like term life insurance..spouses doubled to $232 monthly for $100k..on a fixed income we couldn’t afford it as it doubled so we had to drop the life insurance to $50k in order to afford it!
All that matters is the 3rd quarter, and unfortunately, that's pre-election.... so expect the BLS to report low inflation numbers for political purposes, then quietly revise them upward later... So I agree, low COLA this year.
Thanks for keeping us posted even if it's not the news we wanted to hear.
Doesn't even cover the increase in the cost of McDonalds. Were do all this people live that says inflation is so low. Heating bill, food, internet just went up $30/month, gas, property tax up 46% this year, part b cost more plus all the extra coverage is up, labor is way up, getting too old to do a lot of work that I use to do, crime is way up, cost of hardware and stuff needed to maintain my yard and house is way up. People must be smoking something that I am not.
And to add insult to injury, my wife and my so called stable rate increases Medigap plan thru AARP UHC is going up 13.3% in November 2025
2024 not 2025
They are being paid to say these are just fine!
They simply don't care about seniors. Their main goals is to fool the public that inflation is going back down, that everything in the economy is so much better now.
Just remember ..... Your U.S. government is legally allowed to use propaganda on you.
In 2013 Congress passed the Smith-Mundt Moderation Act. The act overturned a prohibition in place since 1948 which banned the U.S. from domestically distributing propaganda created for foreign audiences. With the passage of the Moderation Act, the State Department and the Broadcasting Board of Governors (BBG) are now allowed to use their foreign intended propaganda in the United States.
You may want to revise your Senior Citizens League figures. You gave their projection from February. After the latest CPI/CPI-W release in March, they revised it to 2.4% not 1.75%
You and your program are a great resource. Thanks!!!
We appreciate that!
I DO NOT want a huge increase because that means I get a decrease in my other benefits. So, I really don’t get that big a raise!!!!!😮
I didn't see Heath care in there.
Shadowstats has inflation at 8% based on 1990 weighting
BLS lies to protect the Treasury which has to refinance all that debt maturing monthly plus the out-of-control spending by Congress and the administration.
I appreciate you keeping up informed , however, this news is very disheartening for us on a fixed income. I feels pretty hopeless.
Let's not forget that medicare will raise part B premiums which will take a large bite out of what ever the cola ends up being :(
I never knew that break down. Thanks for the clarity 😊
I was told to apply for SS a month before my retirement age of 66 which I applied for in Feb of 2011. Just like I was told. I did not begin receiving until March 15 of 2011. I feel like I have been penalized somehow. My retirement age was 66 and I was 66 on the 1st oMarch2011. How can I find out if I was penalized some how for filing 1 month before my retirement age.
You can check on your SS account you should have set up on SSA.gov, or contacting SS directly they can tell you if you were penalized. 1 (800) 772-1213
All by design
Very informative
just got my home insurance renewal, no claims, went from 2,100 to 3,249.... but everything is great.
I live in Florida and mine went up in 2023 about the same way. But my renewal this year it only went up $60 so I hope we have turned a corner.
so 'we' don't know yet, what a surprise!
To say we don’t have all the info yet is disingenuous, we don’t have any of the numbers from 2024 that will actually determine the increase for 2025 . Inflation remains on an upward trend and will continue to do so through the 3rd quarter which is what they use to determine the inflation numbers not any of the previous months are considered .
Disgraceful
Simple food &fuel are much to volatile to index they don’t, if they did inflation would be going through the roof!
Inflation is going down that is total B.S. gas is up food is up these two things should be the top two things S.S . Looks at
Isnt it better to reduce the cola so the ss fund remains solvent for longer? That, coupled with all the other suggestions like, increasing retirement age, increasing fica tax on high income earners, etc, should keep the program solvent.
That's awful figures will be my first yr rcvg ss.. in feb of 25
You start collecting COLAS the year you turn age 60. That is the year if you still work your income will not be adjusted for inflation as well. So when you do start SS, It will include the COLAS from age 60.
Those who wait until 70, off course will get more compounding interest on their COLAS
I think COLA will be going UP this year. Higher than last year. Inflation is goig up...
i,m gonna have to pay $174.00 a month soon, by no choice of my own, for medicare. luckily i have tricare for life , for drugs and some other costs. now i,m not getting a cola increase either? Am I forced to take medicare? or can I refuse and go alone?
Your Tricare becomes the secondary insurer(like Medicare supplements) when you retire, with Medicare becoming the primary insurer unless you don’t sign up for it, in which case you’ll have no health insurance on your own.
Why would you pay $174 a month for SS? My husband is a disabled vet and pays nothing for his care. He will not go on Medicare, except hospital coverage, which is free. He’s had 3 surgeries in the last two years and paid nothing. No way we will ever put him on Medicare.
@@juliebolduc802part b is 174
@@juliebolduc802 Please verify with SS or an independent Medicare insurance agent, the requirement for you and your husband regarding the Part B monthly cost, to avoid any penalties . My friend has told me its can be an hour wait on the phone when calling SS
@@juliebolduc802 My personal experience, as a Veteran, be sure you continue to live in same proximity of your VAMC for all your healthcare, and know that if you want a 2nd opinion on a diagnosis, and do not carry Medicare Part B, you will be buying that 2nd opinion out of pocket and maybe the alternative care costs if Tri-Care doesnt approve your choice.
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$174 monthly is pretty cheap in comparison to Not covered.
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Without that Part B option, your best financial choice will be to proceed with your VA primary/ specialist care recommendation.
Think twice before opting out of Part B 🙏🇺🇲
just around that time intrest rates will be lowered to trick everyone
This capitalist system doesn't even want to throw out crumbs to the rabble anymore. This is outrageous. This shows the futility of trying to reform capitalism , which is what Social Security really is. We need a working class revolution.
I believe the socialist running America into the ground has done this give away what is not theirs to give. FjB
Ss was not meant to be a retirement program 100%..you shoukd have planned ahead, maybe less casinos. Luve within your means. Etc