You're correct on the COLAs, Steve, and it's due to the lack of inflation in the years that followed a rather large COLA increase. But, I am quite content to see the method used to calculate future COLAs change in ways that reduce the payments that would be received using the current formula.

I'd even be happy with a "sliding scale" or a deduction based on other earned income, if it meant keeping this safety net alive for those who really need it.

I also have a problem with long-term disability, but that's another story. There are certainly some who deserve to receive it. Others, not so much. I'd really like to see all disability cases reviewed to weed out the ones who should not be in that status.

- Jack

 

They sometimes don't even effectively make minimum wage here - waitstaff is paid $3.61 an hour and have to hustle for tips. The dumbass hillbillies here don't have a clue how to tip, they leave $3 on a $50 check after tying up the table for 2 hours. To add insult to injury, whether they got the tips or not, the waitperson must report that they received at least 8% of their table gross in tips on their taxes, whether they got that much or not. And........ (yep, there's more) - they have to share their tips with the bartender and busboys.

 

I cannot say I have looked at the formula used. I do know that the system is now in a catch 22, where Medicare costs are going up, but there is no COLA adjustment to help offset the costs. This part is money out of the govt's ( read our ) pocket.

Beyond the amount allowed now ?
This starts to sound like what I am expecting; "Sorry you saved too much for retirement on your own, you get nothing".
I pay in the max every year, and at the end I should get less, for being a responsible person and starting retirement planing & saving at 20 years old ?
I hope I misunderstood this, as it has the tax the 'rich' they can afford it sound about it, where in my case I made the cuts in discretionary spending to fund my 401(k) to the max percentages ( and in those days it never hit the max dollar amount ).


Good idea, but who would do this ?
TV lawyers advertising for SS-DI, and the staff that got paid to review the cases, now someone else needs to get paid to review them again ?
It is a mess, no easy way out.
I only point out this section of SS is underfunded, why I cannot say. I would say it is due to the fact that the SS system was expanded too much, without any thought of the impact. Baby boomers paying in, things were all milk and honey back then. Now that demographic is on the exit from the work force, oooppss. Didn't see that one coming.

I think the Echo boom will become a problem also.
These include the ones that a lot hung their life on plastic and McMansions, and have no backup to speak of, they bought into "Your House is part of your retirement fund".
Opps that CBO estimated 10 year stutter is going to put a hurt on that plan ( housing prices measured by the S&P/Case index ), where 2013 is when prices are anticipated to reach 2003 levels.
This is ahead of the previous estimate that 2017 is when the existing housing stock would be depleted ( really don't need to build another house from 2008 to 2017 is what the report was getting at ). This was from 2008 I think, and I am 85% sure of the date, could be 2016 to 2020.