NEWS: Social Security Benefits to Increase in 2005, page 1
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Topic started on 19-10-2004 @ 06:23 PM by trek315
Social Security recipients will have a 2.7 percent gain in their checks beginning in January 2005. However, this will be tempered by a record
increase in Medicare premiums. The 2.7 percent gain is somewhat larger than the 2.1 percent increase that recipients received in January of this
year.
story.news.yahoo.com
WASHINGTON - More than 47 million Americans will get a 2.7 percent increase in their Social Security checks starting in January, meaning an additional $25 per month for the typical retiree. But almost half of that gain will be gobbled up by a record increase in Medicare premiums.
The cost of living adjustment, or COLA, announced Tuesday by the Social Security Administration will be the largest percentage gain since a 3.5 percent increase in 2001. The increase last January was 2.1 percent.
The inflation adjustment is based on the amount prices — as measured by the consumer price index — have risen in the July-September quarter compared with the same period a year ago. Rising energy costs have driven inflation higher this year.
The average Social Security retiree will see his benefit check increase from $930 this year to $955 next year.
Please visit the link provided for the complete story.
Both of my parents have been receiving SS benefits for years. I feel badly that the small amount they receive, though more than this year's increase, will in turn be affected by the higher Medicare premiums. I have to admit that with the rising healthcare costs in the U.S., unfortunately, I am not at all surprised at the premium increase. It makes me think all the more of countries whose healthcare costs are subsidized by the government.
Related AboveTopSecret.com Discussion Threads:
Greenspan Pushes Social Security Cuts
TAXES: The Fate of Social Security
SOCIAL SECURITY: The Libertarian Way
[edit on 19-10-2004 by Banshee]
story.news.yahoo.com
WASHINGTON - More than 47 million Americans will get a 2.7 percent increase in their Social Security checks starting in January, meaning an additional $25 per month for the typical retiree. But almost half of that gain will be gobbled up by a record increase in Medicare premiums.
The cost of living adjustment, or COLA, announced Tuesday by the Social Security Administration will be the largest percentage gain since a 3.5 percent increase in 2001. The increase last January was 2.1 percent.
The inflation adjustment is based on the amount prices — as measured by the consumer price index — have risen in the July-September quarter compared with the same period a year ago. Rising energy costs have driven inflation higher this year.
The average Social Security retiree will see his benefit check increase from $930 this year to $955 next year.
Please visit the link provided for the complete story.
Both of my parents have been receiving SS benefits for years. I feel badly that the small amount they receive, though more than this year's increase, will in turn be affected by the higher Medicare premiums. I have to admit that with the rising healthcare costs in the U.S., unfortunately, I am not at all surprised at the premium increase. It makes me think all the more of countries whose healthcare costs are subsidized by the government.
Related AboveTopSecret.com Discussion Threads:
Greenspan Pushes Social Security Cuts
TAXES: The Fate of Social Security
SOCIAL SECURITY: The Libertarian Way
[edit on 19-10-2004 by Banshee]
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