There's a Big Problem With Social Security's
2025 Cost-of-Living Adjustment (COLA)
The Motley Fool, by Sean Williams
Posted By: crashnburn, 10/19/2024 11:23:10 PM
For Social Security's more than 68 million beneficiaries, nothing loomed larger last week than the annual reveal of the program's cost-of-living adjustment (COLA). Based on 23 years of annual surveys from Gallup, 80% to 90% of retirees (including 88% in 2024) have consistently pointed to their Social Security income as being necessary to make ends meet. For a majority of retired-worker beneficiaries, knowing how much they'll be receiving each month in the upcoming year is critical information. While Social Security's 2025 COLA marks the fourth consecutive year of an above-average payout, it also comes with a sizable, and unavoidable, problem.
Short version: SS up 2.5%, but the deduction for Medicare is up 5.9% to $185.
50+ years of Medicare taxes by yourself and your employer and then you STILL have to pay a monthly premium for substandard insurance. AND you also have to buy a Drug plan.
Medicare coverage is so bad that you need to buy a supplemental plan to fill the gaps.
My parents are paying over $200 more a month for medical insurance than they paid last year under dad’s employer plan. After 50 years of forced taxation!
But our government has plenty of our tax dollars to pass onto Ukraine and every other nation in the world! Our government hates us.
They give & take away. The Scamocrats!
And our part D, drug coverage is going up from $5 a month to $40 a month (each) in 2025. Between us we have 1 ongoing prescription. But, even if you have zero prescriptions you are required to have part D coverage or you risk a big penalty if you don't pay for it now and then need it later. On top of that, when the doc tried to prescribe one of those pricey new drugs for my IBS, SilverScript by Aetna refused to cover it. At first, I was annoyed. Now, I am grateful that I am not dependent upon big pharma.
Thanks!