Social Security COLA increase 6% next year?

Discussion in 'The Lounge' started by ralphrepo, Oct 13, 2021.

  1. ralphrepo

    ralphrepo Well-Known Member

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    First increase in US Social Security payments planned for in about 40 years. How many of you or your parents, relatives are affected? For those that don't know, social security just doesn't pay retirement but also impacts people who have lost working parents, spouses, or who are disabled, etc.

    I, myself am getting close to that age and am glad to see that they're raising cost of living into the equation finally after such a long time. But this increase (actually 5.9%) is a double edged sword; while welcomed by cash strapped recipients critics have pointed out that this will accelerate social security into insolvency.

    Comments? :hmm:

    Source: https://www.cnn.com/2021/10/13/politics/social-security-cost-of-living-adjustment/index.html
     
    #1 ralphrepo, Oct 13, 2021
    Last edited: Oct 13, 2021
  2. Jeff

    Jeff 神之馬壯

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    I am in favour of the adjustments as well. Although I admit I'm not too informed of the whole situation, but my guess it's an increase spending from the government which leads to a bigger national debt.
     
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  3. KilaKilaGirl

    KilaKilaGirl Well-Known Member

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    There is always an adjustment every year based on the market flaturation. The increase in social security will never offset the increase in price of merchandises. This is one of many reasons why many couple don't want kids to be born into this world.
     
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  4. ab289

    ab289 Well-Known Member

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    When there were no increment in COLA, there were yearly inflation steadily at 3-5%. If they are increasing social security at 5.9%, you can bet the inflation rate is at least double that. I just know rib-eyes are more than double in price/oz since last year. That's the bigger, immediate concern to me. Images of wheelbarrows full of cash during Zimbabwe hyperinflation comes to mind.
    I'm no where near social security age and it has been reported that social security will be looonnnggg gone before I get there.

    Edit: Check on your parents and grandparents on fixed income (soc sec, for example) this winter.
    https://www.msn.com/en-us/weather/t...ill-could-be-50-higher-this-winter/ar-AAPx1CW
     
    #4 ab289, Oct 14, 2021
    Last edited: Oct 15, 2021
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  5. crasianlee

    crasianlee Well-Known Member

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    Yeah, by the time I'm at retirement age, I ain't buying ish, only the very necessities...plus at that age, do you really need to buy more ish? Not like you can take it to grave with ya.