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There is an 8% increase in SS payment next year,
Not everyone needs MEDICARE PART B,if you are healthy in your 60s,you can pay for your doctor visit yourself,how often do you go see a doctor?
$20 should not make much of a difference in a budget. Look for other ways to save if the $20 matters so much. Most peiple could cut back on something & save the money that way.
$20 a month could mean cutting back on food or gas or utilities or streaming/cable.
$20 a month could mean cutting back on food or gas or utilities or streaming/cable.
if 20 a month is a deal breaker one needs to look at their entire financial situation and fast . they either need more income , cut major expenses or relocate as the hand writting is on the wall this will be a failed stress filled retirement
There is an 8% increase in SS payment next year,
Not everyone needs MEDICARE PART B,if you are healthy in your 60s,you can pay for your doctor visit yourself,how often do you go see a doctor?
an 8% increase is not really an 8% increase ….first off ss grows at 8% only after fra and the 8% is not compounded on last years payment , rather it is 8% on your primary insurance amount so it is less then an 8% compounded increase , which is not the same as an 8% return
There is an 8% increase in SS payment next year,
Not everyone needs MEDICARE PART B,if you are healthy in your 60s,you can pay for your doctor visit yourself,how often do you go see a doctor?
it isnt about how often do you see a doctor …..it is about mitigating the events that can happen that would be devastating financially .
despite being healthy both of us somehow got hospitalized with covid ….bills were 250k for both of us ..our share was under 1k for both
if 20 a month is a deal breaker one needs to look at their entire financial situation and fast . they either need more income , cut major expenses or relocate as the hand writting is on the wall this will be a failed stress filled retirement
By no means do I mean to be argumentative or seem dismissive to the concept of the fact people need to prepare or better position themselves with increasing costs but these last two years have been something out of a bizarre economic playbook.
While we budget and live within our means and certainly take control of our options to utilize savings whenever possible, the American consumer has been hit on virtually all fronts as far as the service industry, travel, consumer goods, real estate and much more with run away price increases.
It is just not the $20, it is the increases across the board on everyday purchases that add up in my honest opinion that hurt those that do not have the income to weather it.
As mentioned my little family will weather this out fine but it blows my mind that a virus has triggered the wildest two years of economic craziness not seen in my lifetime.
for those with less means , rising prices can hurt the last few years .
on the other hand those with assets they accumulated have seen growth beyond our wildest dreams for a decade.
many have been living hand to mouth their entire lives so this is nothing new….
those who draw an income off of their nest eggs have to have it last as long as 30 years and so hopefully they prepared for that and have benefited from it being invested as even a 65 year old has money. they wont eat with for 20-30 years which should have been invested.
$20 should not make much of a difference in a budget. Look for other ways to save if the $20 matters so much. Most peiple could cut back on something & save the money that way.
$20 (actually a little over that but not going to quibble) isn't that big of a hit for most people, but we're talking retirees/seniors who often have reduced incomes from their working years, and limited opportunities to increase their income at this point. It's the year-over-year percentage increase of 14.5% that's kind of shocking, though. Not sure anyone saw that coming.
Medicare premiums started out in 1966 at $3 monthly. That would be equivalent of about $26 today, so the premiums have been exponentially outpacing inflation.
Medicare is expected to run short of money by 2026. I read in Kiplinger's this morning that Medicare Advantage costs the government more than traditional Medicare, "accounting for 46% of total Medicare spending in 2021 but only 42% of enrollees, according to the Kaiser Family Foundation."
To shore up the system, they'll need to increase premiums, reduce spending, or both.
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