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Old 09-20-2019, 03:37 PM
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Boats Boats is offline
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Join Date: Jul 2002
Location: Chicago, IL
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Unhappy According to Snoops our next SS raise should be

RE: https://www.forbes.com/sites/davidra.../#2b3c355e6752

Snoops post this article.

That's according to The Senior Citizens League, which on Thursday released its latest estimate for the Social Security cost-of-living adjustment for 2020. The nonpartisan group estimates that beneficiaries will get a 1.6% boost in 2020, down from a 2.8% increase in 2019.Sep 12, 2019

Will there be an increase in Social Security benefits in 2020?

The group also projected this year's Social Security Cost-of-Living Adjustment, or COLA, at 1.7% for 2020. The Social Security Administration announces that adjustment for the next year every October. If tariffs go into effect, that could drive up the cost of living, which might also increase the COLA for next year

Note:

Dipping into the Social Security Trust Fund

Without some major action from Congress, the current excess trust fund revenue will be depleted by the year 2034. If this occurs, it is estimated that Social Security would only be able to pay less than 80% of the promised benefits from ongoing payroll taxes.

Donald Trump has thrown out lowering the payroll tax in an attempt to spur the economy. If the government takes this action, the Social Security trust fund would likely be depleted faster.

For 2020, the Social Security cost of living adjustment is expected to be around 1.8%. Not life-changing, but if you are living off of Social Security alone, every penny counts. For the average retiree, this would likely amount to around $25 more per month. For the highest earners, this could come closer to $50 more per month in Social Security retirement benefits.

Yes, your Social Security benefits are taxable. The amount that is hit with taxes will depend on household income levels. Just fifty percent of your benefits will be taxed if your income is between $25,000 and $34,000 as an individual. That goes up to $32,000 to $44,000 for a married couple, still another example of the marriage penalty.

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Yep our Government has tapped the SS Fund quite a bit and never pay's it back. I'm afraid things will get pretty rugged around that time. Retirement age may be mid-80's
if you can find any work.

Boats
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Boats

O Almighty Lord God, who neither slumberest nor sleepest; Protect and assist, we beseech thee, all those who at home or abroad, by land, by sea, or in the air, are serving this country, that they, being armed with thy defence, may be preserved evermore in all perils; and being filled with wisdom and girded with strength, may do their duty to thy honour and glory; through Jesus Christ our Lord. Amen.

"IN GOD WE TRUST"
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