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Discussion Starter · #1 ·
Good news, sort of...
Social Security cost-of-living adjustment will be 5.9% in 2022
The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced on Wednesday. The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years. In 2021, the Social Security COLA was 1.3%.
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Since I'm going to start collecting SS next year, I say GOOD! On the other hand, it makes it clear that inflation is a very real thing, and that the increase isn't a real increase at all. Add to that, if COLA adjustments over the next few years are around 5% or so, AND more and more baby boomers retire, outlays from the federal government for SS will be around $2 trillion a year by the end of the decade.

By 2030, the national debt will most likely top $100 trillion. I think this house of cards collapses before then. The Yuan, Bitcoin, Gold, Silver or some combination will replace the U.S. Dollar as the world's reserve currency.
 

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Good news, sort of...
Social Security cost-of-living adjustment will be 5.9% in 2022
The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced on Wednesday. The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years. In 2021, the Social Security COLA was 1.3%.
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Since I'm going to start collecting SS next year, I say GOOD! On the other hand, it makes it clear that inflation is a very real thing, and that the increase isn't a real increase at all. Add to that, if COLA adjustments over the next few years are around 5% or so, AND more and more baby boomers retire, outlays from the federal government for SS will be around $2 trillion a year by the end of the decade.

By 2030, the national debt will most likely top $100 trillion. I think this house of cards collapses before then. The Yuan, Bitcoin, Gold, Silver or some combination will replace the U.S. Dollar as the world's reserve currency.
this isnt exactly accurate. this is the pissing on your leg and telling you it s raining. you part b premium which pays for you doctor/labs is expected to be going up 10.00 per month, so that effectively lowers your 'increase' going from 5.9% to 4.9. as well your part d premium which pays your prescriptions is also expected to go up a few dollars per month. while all of this is meant to make it sound good to you, you pay federal taxes on your ss income which might change your bracket in biden administration.
 

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I saw this is supposed to speed up the bankrupting of social security by a year to 2032.
 

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The Black Death
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For all of you collecting SS or about to, please enjoy it on my behalf. I'm 47 and don't expect to see a penny of it or, if I do, our retirement age will be moved up to like 89.
I do not in any way think the US Govt will allow SS to run dry. People would starve. People would freeze to death over the Winter.
 

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I do not in any way think the US Govt will allow SS to run dry. People would starve. People would freeze to death over the Winter.
You very well could be right on that...that is a key voting block. I think it will run out in its current form, but they will find a replacement. Perhaps taking all the privatized 401K for the "greater good".
 

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the "d" from ban[d]
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I must admit I did not believe the 5.9% increase. At 5.9% it will take 12.2 years for a SS check to double. I doubt we get that every year for 12.2 years but it does help show what a 5.9% increase means.
 

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I saw this is supposed to speed up the bankrupting of social security by a year to 2032.
Ha! Thats OK. I'm gonna fool 'em by dying in 2031. We'll see who has the last laugh! :LOL::LOL::ROFLMAO:
 

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I do not in any way think the US Govt will allow SS to run dry. People would starve. People would freeze to death over the Winter.
I agree, the government will do what it always does. It'll print a few trillion dollars to bail it out and everyone will pay the price with inflation. If the government defaulted on SS there would be riots in the streets.
 

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Discussion Starter · #14 ·
For all of you collecting SS or about to, please enjoy it on my behalf. I'm 47 and don't expect to see a penny of it or, if I do, our retirement age will be moved up to like 89.
When I was your age, my dad had been retired for 20 years. He said he got all the money he paid into the system back in just a few years. He thought it was crazy, but he didn't complain.

I don't know that I'll get all my money back. I was self employed for over 20 years and got walloped with FICA and Medicare taxes. It was more than my federal tax liability for many years. If I had put that money in my IRA instead of giving it to the government, I would have retired years ago, especially with the stock market gains over the the last 20 years.
 

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Discussion Starter · #15 ·
I do not in any way think the US Govt will allow SS to run dry. People would starve. People would freeze to death over the Winter.
Social Security is, and always has been, the "third rail" of politics.

The median retirement savings for people in their 60s is $172,000. If you had that invested in something safe, like treasuries or bonds, you'd be lucky to get 1% return. If you expected to live into your 80s, you could probably draw about $18,000 a year. That is far below the poverty line.

No, the government will not allow SS to run dry. They (the Fed) will do what they always do: Counterfeit U.S. dollars to lend to the Treasury.
 

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Cross-eyed Target Shooter
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5.9% "increase" is a sad joke! Things have already gone up over 30+% and have no limit in sight. And medical costs have already increased 20+% and are accelerating unchecked. So The Party is just doing party things to appease the Great Unwashed. (us).

Keep voting them back in!
 

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Cross-eyed Target Shooter
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I agree, the government will do what it always does. It'll print a few trillion dollars to bail it out and everyone will pay the price with inflation. If the government defaulted on SS there would be riots in the streets.
The government defaulted on Social Security decades ago. They "give" people "COLA increases" yet take them right back plus more every year in inflation and increase in taxes and other government deduction. So, really, recipients go backwards a little each year along with the dollar's spending power decreasing as well.

The rich (PTB/politicians) get richer and the poor (us) get poorer. Just in small increments. The death of a thousand cuts.

Do the math. It is at the 3rd grade level, so it shouldn't be too difficult even for a graduate of The State/Party Publik Fools System.
 

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the "d" from ban[d]
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We might get 5.9% next year but the government cannot stand that for long. I believe inflation is here to stay for a while. So expect some changes. Increasing Medicare premiums is like borrowing from Peter to pay Paul. That will fix nothing.
 
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