Biden's Social Security Administration
will give around 70 million retirees a
5.9% boost in payments in the biggest
cost of living adjustment in 39 years
to keep up with rising inflation
Daily Mail (UK),
by
Morgan Phillips
Original Article
Posted By: Imright,
10/13/2021 11:39:27 AM
Millions of retirees will see a significant boost to their Social Security checks as the Biden administration gave its cost of living adjustment (COLA) the most significant boost in nearly 40 years. Social Security checks will raise 5.9%, about $92 for the average retired worker, in a shocking display of inflation. For the last 10 years, an inflation lull has led to checks that rise only 1.65% per year on average.The Social Security Administration has not raised benefits so drastically year-over-year since 1982. A typical retired worker will now receive $1,657 a month starting next year while a typical couple's benefits will rise $157 to $2,753 per month.
Reply 1 - Posted by:
downnout 10/13/2021 11:45:19 AM (No. 944225)
It’s nice to see a large increase but the savings of retirees have been eroded for years.
13 people like this.
Reply 2 - Posted by:
Wizard of is 10/13/2021 11:49:08 AM (No. 944232)
When did it become Biden’s Social Security Administration? I thought it was Obama’s!
16 people like this.
Reply 3 - Posted by:
ronbet 10/13/2021 11:50:36 AM (No. 944236)
Actually it's American's Social Security Administration. Daily Mail is a Biden suck-up. FJB.
17 people like this.
Reply 4 - Posted by:
Roscoelewis 10/13/2021 11:55:49 AM (No. 944244)
Long overdue and insignificant compared to the real inflation during the past 20 years.
20 people like this.
Reply 5 - Posted by:
Ribicon 10/13/2021 11:57:44 AM (No. 944245)
Interest rates on savings should be around 10% now, considering inflation, but the federal government covers massive ongoing spending and borrowing by stealing our money through inflation. Americans should be outraged, but by and large we are too dense to understand the concept. Also, this business of setting interest rates below the rate of inflation started under President Dubya, who needed a way to fund a two-front war while also sending social spending to new highs.
7 people like this.
Reply 6 - Posted by:
TexaTucky 10/13/2021 12:00:55 PM (No. 944252)
When a really crappy fund manager sends you a check for a really bad investment you were forced to make years ago with your own money, liberals think the crappy fund manager is "giving" you something.
23 people like this.
Reply 7 - Posted by:
Pearson365 10/13/2021 12:15:07 PM (No. 944268)
With a reduced workforce contributing less in payroll taxes for Social Security, this enormous Federal Ponzi scheme is moving closer to insolvency. The 5.9% this year and probably 7.5% next year due to Biden’s delusional economic policies with speed the default. To avoid default, FICA taxes on payrolls will have to increase along with the amount subject to this taxation, placing yet another burden on employees and employers and on the cost of goods.
Just as troubling is that the Fed will have to keep interest rates close to zero to hopefully ward off the Biden recession. Ugh!
FJB.
13 people like this.
Reply 8 - Posted by:
Strike3 10/13/2021 12:17:02 PM (No. 944270)
Why? Nobody over 65 and having at least half a brain will ever vote for Joe Biden again. Only those under 40 and having a free basement with mom's room service instead of a mortgage payment is that stupid,
6 people like this.
Reply 9 - Posted by:
TJ54 10/13/2021 12:21:55 PM (No. 944275)
And your Medicare premium will go up so effectively no gain. Media morons have not figured that out
25 people like this.
Reply 10 - Posted by:
Sandbar 10/13/2021 12:36:04 PM (No. 944297)
Exactly #9, it remains to be seen if there's any net gain.
13 people like this.
Reply 11 - Posted by:
LadyHen 10/13/2021 1:04:10 PM (No. 944338)
Social Security is the biggest scam of all time... and that is saying something.
I calculate that had our "withholdings" (the money they steal from us every month) simply been placed in an investment account whose portfolio averaged a 6% track record over 40 years, very modest and in no way high risk, we would receive twice the income off it at retirement than what SSA is predicting. What they are predicting for us will be a pittance thanks to inflation.
Government programs:
Promise the moon
Steal a ton through forced taxation
Skim off 50%+ for pork spending
Give back a fraction to the tax payer
Wash. Rinse. Repeat.
May FDR rot in hell, the commie bastid! I hate politicians.
11 people like this.
Reply 12 - Posted by:
red1066 10/13/2021 1:08:07 PM (No. 944340)
I remember reading an article that in Chile many years ago, that they changed their version of social security, and allowed the citizens to invest their money instead. The money was still taken out from their earnings, but they had the choice of instead of the money going into the government system, they could choose to invest that money in some selected funds approved by the government. The average citizen retired with three times more money if invested in those funds than if they had kept the money in the old system.
8 people like this.
Reply 13 - Posted by:
Namma 10/13/2021 1:11:13 PM (No. 944345)
He isn't giving the people on SS anything, The money just so happens to belong to the people on SS.
Nice try tho.
11 people like this.
Reply 14 - Posted by:
rytwng 10/13/2021 1:48:25 PM (No. 944377)
This will be offset by the rising cost of everything.
6 people like this.
This is total BS. King Xiden giveth nothing. COLA is adjusted automatically each year by a non-partisan board based upon a number of factors. It has been that way since the 1970s.
These frauds that are trying to make you think this is a gift from the commies are yanking peoples' chains. Again.
6 people like this.
Reply 16 - Posted by:
hershey 10/13/2021 2:24:54 PM (No. 944409)
Nice of him...our Social Security fund would be safe if the damned democrats hadn't moved it over to the general fund years ago...and given benefits to illegals and others who HAVEN'T PAID A DIME INTO IT...when I went to apply years ago, a guy was rushing in as I was coming out, and he had a foreign passport in his hand...
3 people like this.
Reply 17 - Posted by:
Catherine 10/13/2021 2:28:15 PM (No. 944420)
I'll believe that when I see it. I'll never forget the year Obama gave me a $3 increase per month. I'd rather have had nothing, which is also what he did several years.
1 person likes this.
Reply 18 - Posted by:
pilot222 10/13/2021 2:32:25 PM (No. 944426)
Total BS Paid SS since 1965. Retired at 70 so now I have to live to 87 just to get my money back. But there is no money, just IOU so my children will pay this ponzi scheme. Rats are doing this to destroy the currency and the social fabric to get communism and total political control.
3 people like this.
Reply 19 - Posted by:
kennedylaw 10/13/2021 2:49:34 PM (No. 944437)
A 5.95% increase in Social Security will not begin to cover the increase in most prices so far this year. The COLA (cost of living adjustment) is based on the the Consumer Price Index for Urban Wage Earners and Clerical Workers, which does not include food or energy prices. So as long as you don't need to buy any meat, poultry, fish, eggs, or gasoline then you will almost break even.
4 people like this.
Reply 20 - Posted by:
paral04 10/13/2021 4:06:35 PM (No. 944480)
Biden is not giving Social Security recipients anything. The recipients and their employers paid into the system to fund it. Payments would be higher if the Agency didn't give away money to immigrants, the same payments wo women that were married to some guy for 10 years as a widowed women meaning three or 4 women could be getting income from the fund. It has been abused.
2 people like this.
Reply 21 - Posted by:
Dodge Boy 10/13/2021 4:08:06 PM (No. 944481)
Given the current inflationary environment, a 5.9% COLA is only partially helpful. But, printing money comes naturally these days. Until it stops.
2 people like this.
Reply 22 - Posted by:
JHHolliday 10/13/2021 4:23:38 PM (No. 944491)
The year I retired (2001) my $2500 SS check was worth about $4000. A 5.9% increase is not keeping up. I am not complaining since I we are ok with other pension income but lots of people are not and SS in its present shape is technically bankrupt. Something has to give…probably an additional payroll tax coupled with a drastic increase in the SS cap.
1 person likes this.
Reply 23 - Posted by:
Starboard_side 10/13/2021 5:24:48 PM (No. 944547)
They are trying to give Biden credit for something that #15 clearly explains.
This is in hopes some people will be fooled and still vote for him and the democrats.
#18, most people exhaust all they "paid into the system" within 5 years since their has not been any investments, you only have the exact amount you had taken out of your own paycheck in your account.
#11, is correct that a modest 5% return would earn even someone who only made the minimum wage their whole life, more with their own retirement account than SS would provide.
I've lost 2 brothers when they were in their 50's, which means the government gets what they paid-in.
2 people like this.
Reply 24 - Posted by:
udanja99 10/13/2021 5:43:02 PM (No. 944563)
A friend of mine got a letter from the SSA telling her about the coming increase. Funny, I haven’t received such a letter. Kinda like last year when I still had my business but never got a covid loan at all, unlike Hunter’s art gallery.
2 people like this.
Reply 25 - Posted by:
judy 10/13/2021 6:00:46 PM (No. 944584)
Oh yeh the Virginia governor raised the sales tax to 6% & also raised gas tax…in July 2021!!!! Dems are One Big Joke!
1 person likes this.
Reply 26 - Posted by:
judy 10/13/2021 6:07:32 PM (No. 944587)
And the Virginia governor increased gas taxes by 30%!,!
2 people like this.
Reply 27 - Posted by:
homefry 10/14/2021 7:53:29 AM (No. 945076)
To keep up with rising inflation my big ol' hairy ass! quid pro joe is attempting a buy back of seniors votes.
1 person likes this.
Yeah, 5.9% is the good news...... the bad news is that it's in Zimbabwe dollars.
2 people like this.
Reply 29 - Posted by:
judy 10/15/2021 1:15:51 AM (No. 945984)
DM should have said ...look at the charts...during Trump years inflation was lower....bring back Trump!
2 people like this.
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