Social Security inflation adjustment in 2009 will be largest in 27 years: 5.8 percent

[babylonsister]

Social Security benefits going up by 5.8 percent

Social Security inflation adjustment in 2009 will be largest in 27 years: 5.8 percent

MARTIN CRUTSINGER
AP News

Oct 16, 2008 07:43 EST


Social Security benefits for 50 million people will be go up 5.8 percent next year, the largest increase in more than a quarter century.

The increase, which will start in January, was announced Thursday by the Social Security Administration. It will mean an additional $63 per month for the average retiree.

The increase is the largest since a 7.4 percent jump in 1982 and is more than double the 2.3 percent rise that retirees got in their monthly checks starting in January of this year.

The typical retiree's monthly check will go from $1,090 currently to $1,153.

But the fatter Social Security check may still seem puny to millions of retirees battered this year by huge increases in energy and food costs who have also watched helplessly as their retirement savings have been assaulted by the biggest upheavals on Wall Street in seven decades.

more...

http://www.talkingpointsmemo.com/news/2008/10/social_security_benefits_going.php

[trof]

1. And how much will my Medicare part B premiums go up?

Last year it was a wash.

[meow2u3]

2. With the increase in Social Security come the hike in Medicare premiums

So the net gain for most SS recipients will be minimal at best.

[high density]

3. I think I and most other workers will be lucky to get a 3% raise

Our wages are being eaten by inflation.

[WePurrsevere]

4. NO Medicare increase this year... here's info on Medicare premiums, deductibles for 2009

ETA link: http://www.cms.hhs.gov/apps/media/press/factsheet.asp?Counter=3272

For Immediate Release: Friday, September 19, 2008
Contact: CMS Office of Public Affairs
202-690-6145

CMS ANNOUNCES MEDICARE PREMIUMS, DEDUCTIBLES FOR 2009


The standard Medicare Part B monthly premium will be $96.40 in 2009, the same as the Part B premium for 2008. This is the first year since 2000 that there was no increase in the standard premium over the prior year.

The 2009 Part B premium of $96.40 is the same as the amount projected in the 2008 Medicare Trustees Report issued in March. This monthly premium paid by beneficiaries enrolled in Medicare Part B covers a portion of the cost of physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and other items.

By law, the standard premium is set to cover approximately one-fourth of the average cost of Part B services incurred by beneficiaries aged 65 and over. The remaining Part B costs are financed by Federal general revenues. The income to the program from premiums and general revenues are paid into the Part B account of the Supplementary Medical Insurance trust fund, and Part B expenditures are drawn from this account.

Normally, the Part B premium increases at the same rate as average Part B expenditures from year to year. A number of factors explain why the premium can be kept level for 2009.

Thank GOODNESS! :bounce: Most of the time most and sometimes all of any increase has been eaten up by these increases. It's very hard to live on Soc Security income if you're disabled and/or unable to work to suppliment at all.