2009 SSI Increase

[Oceanbeach]

I was looking at the paper today and read the 2009 Social Security increase will be 5.6%, the highest increase in 25 years.  In January 2009, I will no longer be able to say, my disability income is under $1000 per month.  I get a $54.00 increase which will take my income over the top.

I remember when I was little, my parents were looking at new houses, I asked if we could get one with a pool.  Apparently, my father made a thousand per month and we did get a pool.  When I was a teen, my parents made a deal.  If we were on the Honor Roll, we could have any car we wanted.  I got a Corvette for my 16th B Day, my father made $2000 per month, my brother also got a Corvette, my sister a Mustang.  That was 41 years ago and $2000.00 per month is chump change    Have the best day
Michael

[denb45]

That's  a  5.8% rise according to COLA (Cost-of-Living Adjustment)

 http://www.ssa.gov/OACT/COLA/latestCOLA.html

[Oceanbeach]

That's  a  5.8% rise according to COLA (Cost-of-Living Adjustment)

 http://www.ssa.gov/OACT/COLA/latestCOLA.html

maybe the paper or I got the numbers wrong, I am borderline dyslexic but a few extra dollars, I know how to spend that    Have the best day
Michael

[denb45]

maybe the paper or I got the numbers wrong, I am borderline dyslexic but a few extra dollars, I know how to spend that    Have the best day
Michael

Yeah me to I'm  (dyslexic), but I'll take the extra 69 dollars a month 

[ademas]

$95.89 increase...that's huge for me!

and in more good news, no increase to the Part B premium this year!  It will remain at $96.40.

[Gary85741]

...and in more good news, no increase to the Part B premium this year!  It will remain at $96.40.

Are you sure about that?  I thought I'd heard some time ago it was going to rise as it always does, but it's a vague recollection.  Hope you're right.

Gary

[Miss Philicia]

Are you sure about that?  I thought I'd heard some time ago it was going to rise as it always does, but it's a vague recollection.  Hope you're right.

Gary

Yes, that's correct according to an article yesterday in the New York Times:

http://www.nytimes.com/aponline/washington/AP-Social-Security.html

In another break for most retirees, the cost of living increase will not be eaten up by higher monthly premiums for the part of Medicare that pays for physician services. Because of gains in the Medicare Part B trust fund, that premium will hold steady at $96.40 a month, although higher-income people including couples making more than $170,000 annually will see their premiums increase.

[denb45]

Yes, that's correct according to an article yesterday in the New York Times:

http://www.nytimes.com/aponline/washington/AP-Social-Security.html

Yeah that might be a fact this year, but I can bet next year that the Medicare premiums will go up twice as much.....just to make up the difference  dont'cha just love the way the Federal Govt Operates 

[leatherman]

http://www.nytimes.com/aponline/washington/AP-Social-Security.html

the funniest lines I read in that news article:

The upcoming help for the retirees should help the faltering economy as well, assuming they spend much or all of the additional money.

''It gives people a little extra spending power that they can take to the shopping mall,'' said David Wyss, chief economist at Standard & Poor's Corp.

sounds like what they thought with that stimulus check earlier in the year.  All of mine went to pay off the gas/heating bill. I didn't stimulate the economy, I just paid for the stimulation I had already done this past winter. LOL

I just can't see how this increase (mine will increase by about $43) is going to "help the faltering economy" much, especially as the time the increase will first be received will be just as Winter is about to hit it's coldest months. unless they're talking about simultating the Oil biz economy. LOL

[Miss Philicia]

On the face of it yes, it sounds stupid to say that these amounts will "help stimulate the economy" but if you look at the a large picture, and the fact that SSI recipients pretty much spend all of their check on goods/services and not savings, then yes the aggregate amount of these increases will have a positive effect during a recession.

Though for me personally this increase is simply all going to my recently increased rent, increased electricity and gas, and of course food.

[leatherman]

Though for me personally this increase is simply all going to my recently increased rent, increased electricity and gas, and of course food.

that's why I think they do the public a disservice by reporting that this increase can "stimulate/help" the economy. If most of the SS recipients are going to spend this money just to maintain the status quo (that's why it's called a "cost of living increase"; it's not "extra" money to spend into the system) then that only helps the economy stay where it is. It's not a major step to improve the economy really. "Stimulating the economy/helping the faltering economy" sounds like it should be more than just maintaining the status quo. 

If my increased amount is just going pay the gas bill for probably the same amount of heating I used last year (I won't be taking my "extra spending power" to the "shopping mall") and yours is paying for the increase in the same housing and amount of food you ate last year then the only "help" to the economy is that it has stayed stable and not gotten worse.

[Oceanbeach]

"It gives people a little extra spending power that they can take to the shopping mall"-David Wyss

Thank you Mr. Wyss, now, I can really feel like a loser with a credit card- Sonomabeach    Have the best day
Michael

[Queen Tokelove]

I'll believe it when I see my check in January but like many others, it will be going towards a bill I am sure.

[weasel]

sounds good to me 

maybe now I can get high speed internet 

  or pay off a credit card bill 

                                          karl

[bear60]

Kurt says he is getting 5.8 percent increase.  But the food bills have gone up so he thinks it wont buy more.