Just on more reason, so they say, Our Social Security Checks will once again, Stay Frozen. NO COLA.
WASHINGTON — Millions of retired and disabled people in the United States had better brace for another year with no increase in Social Security payments.
The government is projecting a slight cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums threaten to wipe out any increase in payments, leaving them without a raise for a third straight year.
About 45 million people — one in seven in the country — receive both Medicare and Social Security. By law, beneficiaries have their Medicare Part B premiums, which cover doctor visits, deducted from their Social Security payments each month.
When Medicare premiums rise more than Social Security payments, millions of people living on fixed incomes don't get raises. On the other hand, most don't get pay cuts, either, because a hold-harmless provision prevents higher Part B premiums from reducing Social Security payments for most people.
David Certner of AARP estimates that as many as three-fourths of beneficiaries will have their entire Social Security increase swallowed by rising Medicare premiums next year.
It's a tough development for retirees who lost much of their savings when the stock market collapsed, who lost value in their homes when the housing market crashed and who can't find work because the job market is weak or they are in poor health.
"You just don't have the words to say how much this impacts a person," said Joyce Trebilcock, a retired legal secretary from Belle, Mo., a small town about 100 miles west of St. Louis.
TO READ THE REST OF THIS POST, SEE THE LINK BELOW
by Petra Vlah5 years ago
Through our working years we all paid for Social Security and Medicare, so why are they considered entitlements when in fact we contributed our own money into the system?
by OLYHOOCH6 years ago
History Lesson on Your Social Security CardJust in case some of you young whippersnappers (and some older ones) didn't know this.It's easy to check out, if you don't believe it. Be sure to show it to your family...
by OLYHOOCH5 years ago
THIS SENIOR CITIZEN NAILED IT! E-mail just in.This is a Must read!!! This guy has it right!Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit commission, calls senior citizens the Greediest Generation as...
by William R. Wilson6 years ago
Tea Party Patron Saint Ayn Rand Applied for Social Security, Medicare BenefitsWhat would John Galt Do?
by umbertoobrian5 years ago
Democrats are chanting without conscience or honesty that Paul Ryan's Medicare Plan will destroy Medicare, while hiding that Obama's plan cuts $700 billion from it. This is the lie of the year according to...
by Susan Reid6 years ago
I was sitting in the Kaiser pharmacy waiting to fill some scrips today. CNN was one the tube. All of a sudden this ad came on. Came home and researched the organization behind the ad.So my question is this: Do you...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.