Benefits for Seniors

[Sarah’s Travels]

I just read that the COLA for SS raise in benefits will be 8.7% this year. One of the highest in decades. The article also said it might affect food stamps and housing benefits.

Has anyone else read or heard this news? I tried to post the article, unfortunately I am not smarter than my 14 year old grandson lol

 

[tx2sturgis]

Yes, Social Security payments will be a bit more in 2023, and your Medicare Part B premium SHOULD go down a few dollars.

 

[Morgana]

Yes on the increase -- for example this article by the Associated Press.

On the other, I don't know but I imagine it would vary on a case-by-case basis.
If someone is getting Social Security + food stamps + housing benefits now, they probably have some idea on how the three interact. I haven't seen anything to indicate that that formula is changing.

Medicare premiums are supposed to go down too (not sure if that's covered in the linked article).

Rock out, seniors! (or at least hopefully stop freaking out at the grocery store).

(oops, TX2 already answered)

 

[WanderingRose]

I just read in the Washington Post that there will be an 8.7% increase in Social Security next year.

That is a really nice jump, tho it doesn’t much assist paying for the astonishing increase in the cost of goods and services it is better than nothing.

Those getting federal housing subsidies will have their rent adjusted slightly upward because of the increase, I’m guessing, because that’s what usually happens.

 

[RvNaut]

8.7%!!!

 

[Morgana]

Here's a Yahoo Finance article from yesterday that explains some of the ways that a change to your Social Security income could affect your other benefits -- or your tax liability, especially if you have other income sources besides Social Security.

If it makes your head spin, you've got company ... every year I go cross-eyed trying to figure out how much paycheck work I can do without a penalty, and then just give up and wing it. So far I've never earned near enough for it to matter.

Anyway FWIW in case someone's really trying to figure this out.

 

[maki2]

When federal program changes are made because of inflation it also changes the standards for federal poverty levels benefits because the buying power of a dollar has decreased. It will get sorted out.

 

[WanderingRose]

This in the Washington Post to his morning, that due to an over-correction in Medicare premiums in 2022, these will decrease by 3% in 2023, allowing seniors to keep more of the COLA increase.

https://www.washingtonpost.com/poli...edicare-will-impact-social-security-benefits/

 

[LargeMarge]

This in the Washington Post to his morning, that due to an over-correction in Medicare premiums in 2022, these will decrease by 3% in 2023, allowing seniors to keep more of the COLA increase.

https://www.washingtonpost.com/poli...edicare-will-impact-social-security-benefits/

.
Am I wrong to presume any press-release promoted in the MainStreamMedia might could possibly have an attached agenda?

 

[user 423]

Are we wrong to presume that 'other than MSM' sources are free of any attached agenda?

 

[WanderingRose]

It might have an agenda, but the point was the fact of the Medicare premiums reduction in cost.

 

[Spaceman Spiff]

Am I wrong to presume any press-release promoted in the MainStreamMedia might could possibly have an attached agenda?

It might have an agenda, but the point was the fact of the Medicare premiums reduction in cost.

I learned during the Vietnam war that all news media will lie to advance their agenda.
I'll believe a reduction in my cost for Medicare when I see it.

 

[Dingfelder]

I hope you all are visiting truflation once in a while to keep your bearings.