Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am not talking about somewhat discretionary items, but about bills you must pay.
I was shocked to see our year-end property tax bill -- $1100 higher, which means an increase of about $92 per month. Car insurance about $50 higher for a six-month premium, meaning a monthly increase of about $8.00. House insurance about $250 a year higher, which means an monthly increase of about $21.00. Medicare Part B increases totaled $20.00 for both of us. So our recent "no leeway" charges -- unless we revise our insurance policies -- total an extra $141.00 (about) per month, while our SS increase is about $145.00 -- so a whopping $4.00 extra for somewhat discretionary expenses such as food and car gas. WOO-HOO!
But at least we can afford the increased costs (for which I am grateful). but I swear I don't know how many other people can afford inflationary increases -- especially those who are living on Social Security alone!
So, how does your increased COLA payment compare to the increase in your bills?
social security is only based on providing a piece of your income and as such it should only replace a portion of your cost of living and a portion of the increases.
it’s an increase added to only a portion of what you were earning .
so i would never expect ss to cover entire increases on things …
social security is only based on providing a piece of your income and as such it should only replace a portion of your cost of living and a portion of the increases.
it’s an increase added to only a portion of what you were earning .
so i would never expect ss to cover entire increases on things …
Yes, but according to what I have read, 40 percent of senior have only their Social Security of their income, and that is why I am concerned for them, which is what I think I implied in my post.
Again, I am doing fine (knock wood) as I have savings and other income, but many seniors aren't as fortunate.
Yes, but according to what I have read, 40 percent of senior have only their Social Security of their income, and that is why I am concerned for them, which is what I think I implied in my post.
Again, I am doing fine (knock wood) as I have savings and other income, but many seniors aren't as fortunate.
I understood you and appreciate your concern of what many seniors are going through around the country.
There are ways to save, programs to help, sacrifices that need to be made. But you are right in your concern, many seniors are having/are in trouble financially. The cost of living has jumped dramatically.
It's a shame to see those who truly don't have an opportunity to change their plight have these issues in the final phase of their lives. This is where we as humans can volunteer and help, because we see the government will only do so much (that's all I'll say to keep this from being political).
If there is any silver lining, and there really isn't for those in need, is that the younger ones who have a chance to help themselves will see what lack of planning and saving for the future will do to them. At the end of the day, the only hero in a cape coming to save them is in the mirror.
Yes, but according to what I have read, 40 percent of senior have only their Social Security of their income, and that is why I am concerned for them, which is what I think I implied in my post.
Again, I am doing fine (knock wood) as I have savings and other income, but many seniors aren't as fortunate.
those stats were proved wrong …according to the irs ony 19% of seniors get 90% of their income from social security .according to the financial census in 2017 it was 12%
but in any case if they expect what amounts to a portion of their working income to have colas on it cover all expenses then they made a major miscalculation.
those stats were proved wrong …according to the irs ony 19% of seniors get 90% of their income from social security .according to the financial census in 2017 it was 12%
but in any case if they expect what amounts to a portion of their working income to have colas on it cover all expenses then they made a major miscalculation.
Status:
"Smartened up and walked away!"
(set 23 days ago)
11,772 posts, read 5,785,673 times
Reputation: 14190
Many of you are fortunate to have more than just SS to rely on as most of the Seniors in HUD housing are living on just SS. Last year with the increase - my cousin's rent went up $30. It's unfortunate but many are buying their food at the Dollar Tree across the street.
Many of you are fortunate to have more than just SS to rely on as most of the Seniors in HUD housing are living on just SS. Last year with the increase - my cousin's rent went up $30. It's unfortunate but many are buying their food at the Dollar Tree across the street.
Right? Many people have no savings due to circumstances beyond their control. MOST people don’t have pensions.
I think we have mentioned before that a lot of those frequenting this Retirement board for the most part have made some really good choices as far as financially taking the right path to achieve financial stability in retirement.
That being said my house is our own, I have a small pension, I am collecting SS and we have a 401k that we are trying not to dip into and yet inflation is in fact eating into our budget.
My SS Cola and Pension Cola have for the most part been negated by increases in food, home owners insurance, taxes, cost of services, etc.
Are we going to the poor house, no but I do know several friends and acquaintances with family and friends that do indeed live on the edge with just SS and they struggle to maintain.
I don’t believe in conspiracy’s but while it maybe true I don’t necessarily believe the IRS or any other representative of the government that say that SS is not a sole source of retirement income for that many Americans.
These are the same people telling you SS is going to run out unless they reduce the benefit or increase the age in which to collect SS.
We boomers were the last generation to really reap the rewards of retiring with pensions. If the spending and saving habits of those younger than us don’t change then I foresee more and more people in the future relying on SS into retirement.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
