2017 Social Security Increase

http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

ppaca wrote:http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

The "re-worked" them around the Jimmy Carter years of massive inflation. Social Security benefits were increasing at what government considered an alarming rate. Roughly half the actual inflation rate.

One of the things "adjusted" was the cost of food. The put in place which says that if a New York Strip went from $2.00 a pound to $2.50 a pound that was roughly a 25% increase. That was too much. So they now have a complex system that says if New York Strip goes from $10.00 a pound to $12.50 a pound, instead of buying them, you would buy a Flank Steak for $10.00 a pound so your food costs did not increase.

Same sort of finagling with fuel.

Markle wrote:

ppaca wrote:http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

The "re-worked" them around the Jimmy Carter years of massive inflation.  Social Security benefits were increasing at what government considered an alarming rate.  Roughly half the actual inflation rate.

One of the things "adjusted" was the cost of food.  The put in place which says that if a New York Strip went from $2.00 a pound to $2.50 a pound that was roughly a 25% increase.  That was too much.  So they now have a complex system that says if New York Strip goes from $10.00 a pound to $12.50 a pound, instead of buying them, you would buy a Flank Steak for $10.00 a pound so your food costs did not increase.  

Same sort of finagling with fuel.

Enjoy your 0.3% raise, Markle. And you're welcome.

Now go out there and get you a senior coffee from Hardees to wash this down.

Markle wrote:

ppaca wrote:http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

The "re-worked" them around the Jimmy Carter years of massive inflation.  Social Security benefits were increasing at what government considered an alarming rate.  Roughly half the actual inflation rate.

One of the things "adjusted" was the cost of food.  The put in place which says that if a New York Strip went from $2.00 a pound to $2.50 a pound that was roughly a 25% increase.  That was too much.  So they now have a complex system that says if New York Strip goes from $10.00 a pound to $12.50 a pound, instead of buying them, you would buy a Flank Steak for $10.00 a pound so your food costs did not increase.  

Same sort of finagling with fuel.

Is mostly the cost of oil. And your Part B premium will probably end up more than your increase in ss.

ppaca wrote:

Markle wrote:

ppaca wrote:http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

The "re-worked" them around the Jimmy Carter years of massive inflation.  Social Security benefits were increasing at what government considered an alarming rate.  Roughly half the actual inflation rate.

One of the things "adjusted" was the cost of food.  The put in place which says that if a New York Strip went from $2.00 a pound to $2.50 a pound that was roughly a 25% increase.  That was too much.  So they now have a complex system that says if New York Strip goes from $10.00 a pound to $12.50 a pound, instead of buying them, you would buy a Flank Steak for $10.00 a pound so your food costs did not increase.  

Same sort of finagling with fuel.

Is mostly the cost of oil. And your Part B premium will probably end up more than your increase in ss.

That is what happens.

VA disability receives the same increase so at least i'm a head there lol. Or maybe not depending on the Part B increase.

ppaca wrote:VA disability receives the same increase so at least i'm a head there lol. Or maybe not depending on the Part B increase.

From what I'm reading (if I'm not misunderstanding - correct me if I'm wrong, anyone), Part B will only increase in 2017 for those newly signed onto Medicare, those currently on Medicare but not drawing Social Security, and those whose Part B premiums are income-based (i.e., higher income folks).

ppaca wrote:

Markle wrote:

ppaca wrote:http://blog.socialsecurity.gov/an-increase-in-social-security-benefits-in-2017/#more-1944

They need to re work their archaic formula.

The "re-worked" them around the Jimmy Carter years of massive inflation.  Social Security benefits were increasing at what government considered an alarming rate.  Roughly half the actual inflation rate.

One of the things "adjusted" was the cost of food.  The put in place which says that if a New York Strip went from $2.00 a pound to $2.50 a pound that was roughly a 25% increase.  That was too much.  So they now have a complex system that says if New York Strip goes from $10.00 a pound to $12.50 a pound, instead of buying them, you would buy a Flank Steak for $10.00 a pound so your food costs did not increase.  

Same sort of finagling with fuel.

Is mostly the cost of oil. And your Part B premium will probably end up more than your increase in ss.

You are mixing Social Security with Medicare. Also, the cost of oil (transportation) is reduced in the CPI-E category because the elderly are expected to travel less.

No, I'm not mixing anything. The social security formula for your increase is driven by the price of oil.

It is time to change that formula, oil may not increase or decrease but every thing else, housing, groceries, medicine, etc and these simply do not count a hell of a lot in the formula.

Your Medicare part B increase is driven by another formula, but it is going up for 2017.

ppaca wrote:No, I'm not mixing anything. The social security formula for your increase is driven by the price of oil.

It is time to change that formula, oil may not increase or decrease but every thing else, housing, groceries, medicine, etc and these simply do not count a hell of a lot in the formula.

Your Medicare part B increase is driven by another formula, but it is going up for 2017.

https://www.ssa.gov/policy/docs/ssb/v67n3/v67n3p73.html