Social Security Cost-of-Living Adjustment for 2022 Is 5.9%

[SlugSlinger]

People forget or don’t understand the time value of money.

Another consideration is you would own this money and it would continue to grow after retirement. In fact, depending on spending, someone can likely live off the dividends or interest and never touch the principle of an amount this large.

5.67 year payback rate without considering interest. If we consider the time value, that $5356 annually for 40 years is $2,370,526 @10% which would be similar to the stock market, or $647,004 @5% which might be close to the average risk-free rate. I don't want the government controlling my piggy bank.

 

[ramco]

Ageism and hyperbole don't work well as arguments either. The main point of the young guy in the video is that people should not live in fear of never being able to retire because social security is failing. Of course social security was never intended to provide enough to support people in retirement in and of itself. Additional investments, savings or pensions are needed. If social security is going away why is the financial planning mainstream covering this up?

You are correct on your statement that SS was never intended to be one’s only income in retirement. It was merely to possibly to keep a leaky roof over your head and something to eat every day. People who have made no retirement income plans shouldn’t bitch about SS.

 

[Chard]

Social Security should be considered a supplemental retirement, not a main source of retirement income. Of course if your comfortable in a tar paper shack.........

 

[Bixby Sooner53]

SS is such a scam, my dad died a few weeks ago so my mother switched over to collect his amount (his was higher) so now everything she paid in....poof, vanished....spent by greedy politicians.

That's because they don't want anyone dipping into their pocket play money. Only they can do that.

 

[XYZ]

I think it’s only been about 75% solvent for a while.

 

[OK Corgi Rancher]

Thought I'd revive this thread because I just read that the SS COLA adjustment for 2023 was going to be 8.9%. Same for VA disability rates.

That's great. That makes the cost of living increase we've dealt with so far only half as expensive as it really is...

 

[OKRuss]

I'm still waiting on my company to give me the 5.9% increase last year and another 8.9% increase this year! Seems only fair. I'm on a budget and limited expenditures just like most on SS. On a positive note, we should be getting a bonus in July given how much revenue has increased the last 2+ years.

 

[KOPBET]

Thought I'd revive this thread because I just read that the SS COLA adjustment for 2023 was going to be 8.9%. Same for VA disability rates.

That's great. That makes the cost of living increase we've dealt with so far only half as expensive as it really is...

I would expect the Medicare premiums to go up also, probably like 9.5%

 

[John6185]

I would prefer that groping Joe would just leave things alone and try to restore them to where they were before he came into office.

 

[yukonjack]

I would expect the Medicare premiums to go up also, probably like 9.5%

Yep. And raise the deductible another $120 bucks a year just for good measure.