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2010
Social Security COLA Announced - Notta
Exactly how will this
affect MY check in January?
October
15, 2009 by: Bob Fassbach,
editor, www.seniorark.com
There will be no
cost of living increase for more than 55 million
Americans. More than 50 million of them receive Social
Security benefits, while the rest get Supplemental
Security Income payments for the poor.
The Social
Security Administration has announced the
2010 COLA this morning, 0%. This is the
first time there has been no increase, and it was caused
by a net reduction in inflation as measured by the
CPI-W.
Social Security
payments cannot be reduced because the CPI-W has
dropped.
But some Seniors
will read a lower amount on their checks next year.
If you have any private insurance plan payments
automatically deducted from your Social Security check,
your check will be lowered by any increase in the
private insurance company rates. If you are making
these insurance payments directly to the insurer, you
should see no change in your check.
Also, the Part B
Premiums that are deducted from our checks today, will
not be increased in 2010.
The COLA is
intended to help seniors keep up with inflation. But a
recent study by The Senior
Citizens League (TSCL) analyzed 15 key expenditures, and
found that people 65 and over have lost 51 percent of
their buying power since 2000. Expenses such as
home heating oil and gasoline have more than
doubled since the beginning of the decade, while food
staples such as eggs and potatoes have increased by 137
and 97 percent, respectively.
Does the CPI-W
reflect a true hedge against our declining purchasing
power?
We
think not.
Surviving in
retirement is an increasing challenge, but certainly
doable. (see editor)
The entire premise of
www.SeniorArk.com is that we can survive very
happily in
retirement by doing a lot of things a little better, or
more efficiently. There is no magic silver bullet, and
the tooth fairy has retired long ago. (I know! I check
under my pillow every morning.) Our challenges today can
either be viewed with sarcasm and bitterness, or can be
seen as a magnificent adventure, and one we have lived
long enough to experience.
Investigate
everything you spend a dollar on. Save a little on your
Part D costs, your utility costs, auto costs, housing
costs, interest costs, clothing costs, household
expenses, food, taxes and much more. These dollars add
up. Even in our budget, there is some fat that can be
cut. The late (1896-1969) Senator Everett
Dirksen, R-Illinois said half-joking,
"A billion
here, a billion there, and pretty soon you're talking
real money." We
say, cut a dollar here and a dollar there, and pretty soon
you have a manageable retirement.
Check out the
rest of this SeniorArk site and get the ideas you can
use
to make it happen. And give some ideas for other Seniors
to use!
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