Latest COLA number (relative, retired, drugs, benefits)
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As someone who derives 100% of their retirement income from a couple of federal based pensions and SS, my financial security has never been determined by the strength or weakness of the annual COLA.
I really don't understand the "pain" element some express in not getting one. At either end of the income spectrum, a COLA, or lack thereof, isn't likely to make much difference in one's quality of life.
Do I like getting COLA's? Sure, but I'm not heading to the poorhouse of pain if I don't get one.
I"m not defending COLAs because the funding levels of the pension funds are abysmal, but believe me, if you went 20 or 30 or even 10 years without a cola your pension would be cut by 30,50, or 70% in real dollars. We've had low inflation years for a long time now, but go ahead and calculate what even a 4 or 5% let alone a higher percent inflation rate would do to your pension. And I'd recommend doing that sitting down.
no different then getting a raise at work and the health insurance went up . at least in this case it can't go up more than the raise. this has not been the case while working
When rent consumes half your income, any piddling marginal dollars are welcome.
If rent is consuming half a retirees income, they need to make some adjustments. If their income is such that the rental market exceeds 30% of their income, they either need to move to a lower cost area, or seek subsidized housing in the current locale.
I don't know, but from your many postings, I feel your local cost of living is more of a problem for you than your income. If you are indeed a career fast food worker, the occupation is highly portable, and the associated wage would likely go much further if you can somehow relocate to an area with a cheaper housing market. You might even be surprised that you could achieve that elusive goal of home ownership.
I"m not defending COLAs because the funding levels of the pension funds are abysmal, but believe me, if you went 20 or 30 or even 10 years without a cola your pension would be cut by 30,50, or 70% in real dollars. We've had low inflation years for a long time now, but go ahead and calculate what even a 4 or 5% let alone a higher percent inflation rate would do to your pension. And I'd recommend doing that sitting down.
Don't think I have 20 years left, but I don't see a period that long with no COLA's. When you get into that scenario, you're probably looking at deflation, in which case a fixed amount would be worth more as time elapses, rather than less.
My pension is military, and by the most common definition is not a pension at all. It's part of the DoD budget, and as such there's no funding level.
any piddling marginal dollars received in 2017 will be grabbed by the Medicare Part B premium increase.
If your income is low enough - and it probably is for someone who spends half their income on room rent - Medicaid pays your Part B premium. In that case, the hold harmless provision does not apply, and the full Part B premium is paid by Medicaid.
Don't think I have 20 years left, but I don't see a period that long with no COLA's. When you get into that scenario, you're probably looking at deflation, in which case a fixed amount would be worth more as time elapses, rather than less.
My pension is military, and by the most common definition is not a pension at all. It's part of the DoD budget, and as such there's no funding level.
no different then getting a raise at work and the health insurance went up . At least in this case it can't go up more than the raise. This has not been the case while working
if your income is low enough - and it probably is for someone who spends half their income on room rent - medicaid pays your part b premium. in that case, the hold harmless provision does not apply, and the full Part B premium is paid by medicaid.
we are talking regular folks earning grown up wages either working or on medicare
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