Social Security Not Keeping up With Seniors' Rising Costs

[Lee2]

No kidding, if I had to live on SS alone then I would have to do without an awful lot, I feel for those people who do have to live on SS alone, it is just not fair and especially not when the US gives away so much money to people who never earned it.

For the fifth year in a row, the 60 million people who depend on Social Security have had to settle for historically low increases.  For the average recipient the adjustment adds up to a monthly increase of less than $4 a month.

Meanwhile, older Americans report that their household budgets jumped substantially last year, despite the lack of growth in their Social Security benefits, according to a new survey by The Senior Citizens League (TSCL).
MORE: http://www.foxbusiness.com/features/2017/05/07/social-security-not-keeping-up-with-seniors-rising-costs.html

[Art, just a re(tired) Fil-Am]

 Sad that $4.00 a month COLA!!!!!! 

[JoeLP]

January 2002 -- 2.6%
January 2003 -- 1.4%
January 2004 -- 2.1%
January 2005 -- 2.7%
January 2006 -- 4.1%
January 2007 -- 3.3%
January 2008 -- 2.3%
January 2009 -- 5.8%
January 2010 -- 0.0%
January 2011 -- 0.0%
January 2012 -- 3.6%
January 2013 -- 1.7%
January 2014 -- 1.5%
January 2015 -- 1.7%
January 2016 -- 0.0%
January 2017 -- 0.3%

Under Reagan and Bush(H.W.) were probably the best years of cola, but Bush(W)(and Clinton was close to Bush(W)) were much higher than Obama.  Obama really took it to SS recipients.

Keep in mind, 2017 was Obama's admin set rate as 2001 was Clinton's and 2009 would be Bush(w)'s.

Due to how he's started, I wouldn't be surprised at all to see Trump go more the Reagan, Bush(both) and Clinton way and move strongly away from what Obama was doing.

[bigrod]

2009, 2010 and 2015 were 0%, 2016 .3% the 2011 was 3.6% and 2012-14 were less than 2%.  Yes the $4 was sad but not as sad the 0%s.  No President has a lot of say in what percentage SS will be it is normally based on the CPI and hopefully the rate will rise this year with the new Administration.

Chuck

[bigrod]

If it had averaged just 2% a year we would be receiving 7.2% more right now.

Chuck

[JD]

[post deleted, Bigrod said the same thing - JD]

[Art, just a re(tired) Fil-Am]

Since I retired in 1997 my combined COLA to date came to about 59% (if my math is correct) just for my SSA, need to go and check if about the same for my CRS Pension, Military Pay and my VA Comp, but I'm sure it's within the ball park with my SSA. All surely helped out though with my income to increase from age 49, 60 and since 62 to 68, but now stagnate like everyone else to date. I'm now 68 yrs old.
Yeah, I'm a "Quadruple Dipper".

1997   2.1 age 49 - Yr retired, receiving only my CRS Pay and 30% VA Comp
1998   1.3
1999   2.5
2000   3.5
2001   2.6
2002   1.4
2003   2.1
2004   2.7
2005   4.1
2006   3.3
2007   2.3
2008   5.8  age 60 - Yr started to collect my military reserve pay
2009   0.0
2010   0.0  age 62 - Yr started to receive my SSA, reduced by the Windfall Project
2011   3.6
2012   1.7
2013   1.5
2014   1.5
2015   1.7
2016   0.0 age 68
2017   0.3
Total  59%

[bigrod]

I only count my SS as rising since I started at 62, so that would be 2010.  Now my retired military pay has doubled since I retired in 1988.

Chuck

[Art, just a re(tired) Fil-Am]

I only count my SS as rising since I started at 62, so that would be 2010.  Now my retired military pay has doubled since I retired in 1988.

Chuck

Wasn't that great though? Those annual COLAs certainly boosted our pensions over the years. I'm surely thankful when the going was good back in them days. Now, not so much!
What I posted earlier was just for the SSA reference and the the 59% was a little misleading since I too started collecting my SSA at 62 and I didn't put in all the numbers for military, civilian and VA pay.
Anyway, like you my over all combined pensions did double or triple to date.