posted on Oct, 19 2004 @ 08:16 PM
WASHINGTON Oct. 19, 2004 — 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 average Social Security retiree will see his benefit check increase from $930 this year to $955 next year.
However, the average retiree will also realize just over half of that increase because the government announced in September that monthly Medicare
premiums for doctor visits will rise by $11.60 a month next year, a record in dollar terms.
It sounds like a good thing for the retiree's but if the cost of food, gas, utilities. and taxes keep going up they will have less, not more, and
this raise won't be enough to keep them going. I don't see how anyone can live on social security alone, but I know there many 1000's of people who