Social Security increase for 2022
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Comments (9)I don't know which CPI The Social Security Administration uses. If the cost of housing is part of the formula, then it may be that with all things factored together, there has not been inflation. That may not be the best measure to determine benefits for seniors, but I assume that the particular measure the SSA uses is determined by law. New data is going to be published on June 17th. See if that answers your questions. If you think that the data base that SSA uses is the wrong one, that might have to be addressed by congress and not by the agency. A little research should clear that up too. I am not yet receiving SSA, so perhaps I shouldn't comment, but in my state, no teachers are receiving a COLA and neither are state employees. Why wouldn't retirees expect to share the pain?...See MoreSocial Security
Comments (5)In Canada ... I can apply to begin to collect on my (contributory) Canada Pension Plan at any time past age 60 - with benefit reduced by 1% for each two months that I apply prior to age 65, or 6% per year, or 30% if I begin to receive just after 60th birthday. I must claim that I am "substantially retired" on my application. But - I can go back to work the next day, if I choose. Should I choose to continue working, and contributing, to the plan past age 65, they add 1% of additional benefit for every two months worked past 65. Once I begin to collect, no more deductions are taken out of my paycheques earned after that time. A number of financial advisers recommend that members begin to collect as early as possible after age 60. If one needs the income, there's little choice. The person who has a choice is thus able to invest a good portion of the benefit received. Under usual circumstances, many say that, should the person die prior to around age 80, they were ahead to request initiation of benefits early. If, however, the earner has studied a number of the parameters of the use of money, thus enabling receiving a better than average rate of return, or developing tax-reduction strategies, thus developing above average rate of after-tax return, it may be possible to push one's break-even point to the high 80's, possibly 90's, or even age 100. Most of us are dead before that time. Learning how money works - an interesting hobby. That pays well! Good wishes to you all. joyful guy...See MoreSocial Security Question
Comments (48)Go see your Social Security Office. You'll should call and make and appointment first. As other posters have said, the rules are many. If you have also worked and paid social security taxes, that will be considered. Basically, the amount you might get is computed in several ways and then the maximum benefit one is used. The various cases may be (1) your wages and lifetime contribution alone, ( 2) 50% of your spouce's amount, or (3) if disabled, the disabled amount. If you were born after a certain date, the full retirement age is increased above 65. At one time, the full retirement age was to increase in steps from 65 to 67. I have been retired long enough to have lost track of the current rules. If you are elgible at age 65 for full retirement, you can take early retirement (as early as 62) with a reduction in payments. The reduction is based on the average life expectancy. When I retired, life expectancy was age 77, e.g., half of your population group will have expired by age 77. The reduction works out to be 5/9 percent per month early, thus if you retire 3 years early, the reduction is (36 months x .05)/9 or 0.20 which is 20%. Is this bad? It depends on how long you will live. If you do not expect to live beyond 77, then early retirement is not a loss. You loose only if you live beyond 77. Here's why. If you retired at the normal age of 65, then the time span to 77 is 12 years; if retired at age 62, the time span to 77 is 15 years. Check it out. You'll find that the total money paid out over the longer time is exactly the same as that of the shorter span. For example, suppose the normal payout was $100 per month. The amount for 12 years is 12 x 12 x 100 = 14,400. Now suppose that you retired 3 years early. The payout is $80 per month. The amount for 15 years is 15 x 12 x 80 = 14,400. After age 77, the early payout plan is less than the other and the difference increases each year. Since I retired, life expectancy may have increased to 78 years. These calculations give amounts based on the current value of the dollar. As time goes by, there are COLA increases that will increase the payout to offset inflation to some degree. In my experience, the SS cost increase numbers do not fully cover the real inflation of the basics....See MoreDid You Get Yours? (Social Security Letter)
Comments (22)I haven't gotten a letter yet, but there has been a lot of talk about it among the residents here at the retirement community. Because so many of us are in the "older generation" and our SS was based on the rates many years ago, we were making jokes about what the increase would mean for us. We pretty much decided we should all go out to celebrate . . . maybe at the local hot dog shack!! Laughter is good for the soul. Sue...See More- 4 years ago
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