Social Security checks to rise 3.6%

  Happy days are here again!  Old farts like me (senior citizens) will get their first Social Security increase in three years.  We are going to get a 3.6% increase in January.
  Inflation has been low ( ) in recent years so we have not got a COLA increase since 2009.  It seems to us like cost have been going up every time we buy something but the government said the increase was low.
  Now, at last, we are going to get a COLA increase.
  I get $1155.00 a month from Social Security.  Of course they take out for Medicare almost $100.00 each month.  So I get each month $1,022.00 a month. 
  So each month I will get an extra $36.79 if my math is correct.  We have not received the notice from Social Security yet with the notice and with the amount we will be getting.

See CNN for “Social Security checks to rise 3.6%.” 

  So I will be getting $1058.79 a month unless they decide to increase the amount I have to pay for my monthly Medicare fee. 

  Of course just the other day I got the increase in fees that the Medicare insurance company will be making in 2012. 
  A few years ago I had a prostate cancer screening exam.  I forget if I had to pay for it or not but if I got one in 2011 I would have a copayment of zero dollars.  I do not plan to have one again but next year if I one I would have to pay 20% of the total cost.
  That is just a little sample of the stuff that is going to come up and happen.

  But I am glad I will be getting a few extra dollars each month.
  Social Security is an excellent program.  It works.  It is great. 
  Medicare is also an excellent program for older Americans.   All Americans need a program like Medicare. 

Comments

[Jeep]

Hey Jim,

Don't spend all that SSA increase too soon! Here's an article from Medicare.com detailing 2011 Medicare deductions that causes me some concern about 2012 deductions for Part B:

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Will my Medicare Part B premium increase in 2011?

Published 11/05/2010 02:06 PM | Updated 11/05/2010 02:19 PM
Will my Medicare Part B premium increase in 2011?

Most Medicare beneficiaries will continue to pay the same $96.40 or $110.50 Part B premium amount in 2011. Beneficiaries who currently have the Social Security Administration (SSA) withhold their Part B premium and have incomes of $85,000 or less (or $170,000 or less for joint filers) will not have an increase in their Part B premium for 2011.

For all others, the standard Medicare Part B monthly premium will be $115.40 in 2011, which is a 4.4% increase over the 2010 premium. The Medicare Part B premium is increasing in 2011 due to possible increases in Part B costs. If your income is above $85,000 (single) or $170,000 (married couple), then your Medicare Part B premium may be higher than $115.40 per month. For additional details, see our FAQ titled: 2011 Part B Premium Amounts for Persons with Higher Income Levels. In 2011:

New Part B beneficiaries will pay $115.40 (because they did not have the premium withheld from their Social Security benefit in the previous year).
Beneficiaries who do not currently have the Part B premium withheld from their Social Security benefit will pay $115.40.
Higher-income beneficiares pay $115.40 plus an additional amount, based on the income-related monthly adjustment amount (IRMAA).
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So our friends at Medicare may just increase the rates to $115.40 plus an inflationary increase of 3-4%. If they do that, your NET increase may be reduced by half or so.

Stay tuned....

[Jim Howard]

So you are saying that I should hold off on buying a new car and taking a vacation to Europe with my increase?
After I posted the blog post here but before I posted it to Howard's Notebook I added to it information that they might increase the medical insurance costs.

Maybe happy days are not here.