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Tuesday, August 01, 2017

Social Security benefits set to increase by largest amount in years

Americans receiving Social Security benefits in 2018 can expect to see the program's largest payment increase in years, according to the trustees report released Thursday.

In January, recipients will receive a $28 monthly increase in benefits, which, although amounts to just 2.2%, is much larger than the 0.3% increase in benefits recipients collected this year. In 2016 the program offered no payout increase. The average monthly payment for the program’s 61 million beneficiaries is $1,253.

Despite the good news, Social Security and Medicare are still dealing with looming cash shortfalls. OASDI maintains funding levels will run dry by the mid-2030’s, with Medicare Part A projected to be depleted in 2029—one year later than projected in last year’s analysis.

If Congress allows either fund to be depleted, millions of Americans living on fixed incomes would face steep cuts in benefits.

Neither Social Security nor Medicare faces an immediate crisis. But the trustees warn that the longer Congress waits to address the program's problems, the harder it will be to sustain Social Security and Medicare without significant cuts in benefits, big tax increases or both.

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9 comments:

Anonymous said...

Just keep putting it on the credit card.

Anonymous said...

Oh yeah. Just when it is time for me to collect for all the years I have paid in, we are told, nope, we robbed the fund blind, nothing left for you.

Anonymous said...

Don't Hold Your Breath !!!

Anonymous said...

Stock market has exploded with no sign of letting up,unless one listens to the prophets of doom.All 4 of our retirement checks have either have increased or will.

lmclain said...

Want the payments to increase dramatically??
Make Congress contribute and be subject to the Social Security laws.

Oh. Right. Sorry.
Two Sets of Laws.

Keep cheering.

Anonymous said...

Looks like most commenters have forgotten that the Trust Fund was stolen by the US Government many years ago.

The imminent collapse of the stock market and bond market is unavoidable. It has been propped up by debt creation through Central Bank activity. The prophets of doom are merely stating the obvious.

Anonymous said...

Glad to see a increase for the ones that need it the most

Anonymous said...

Oh, what wonderful news, an increase. Oh, what do you mean the cost of Medicare Insurance is going up twofold so my $28 increase just went to sh*t. Just what I thought.

Anonymous said...

Congress is scared sh**less to touch Obamacare, which is failing NOW. Don't even think that they are going to try to fix Social Security, or Medicare, before those programs actually fail. Even then it will take them years to figure it out (how to fix it without losing re-election).