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NEWS: Social Security Benefits to Increase in 2005

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posted on Oct, 19 2004 @ 06:23 PM
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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.




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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:
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[edit on 19-10-2004 by Banshee]



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