CBS Money Watch is reporting that the Social Security Cost of Living Adjustment (COLA) to be announced tomorrow will be 3.5%. However, many Social Security recipients will not see this. Their Medicare premiums should have increased but they saw no decrease in their net benefits because of the "hold harmless" provision of the law. Now that there is a COLA, their Medicare Part B premiums will go up, maybe even eliminating any COLA for them.
7 comments:
I would to put my foot up the butt of the person leaking this to the media. Have people saying, what do you mean you don't know anything about the COLA, I just heard it on the news.
does this mean that Obama will "unfreeze" federal pay?
No It does not, This COLA I believe only applies to the Social Security Administration.
It also applies to civilian Federal pensions, unless they decouple it (which could happen). The above post should more correctly read "Social Security and SSI recipients".
Off-topic, sorry Charles, but have you any comment on the "house of horrors" unfolding in Philadelphia, involving theft of "Social Security"(probably SSI) benefits from folks held captive?
Turns out the official number is 3.6%. http://www.usatoday.com/money/perfi/retirement/story/2011-10-19/social-security-cola/50822994/1
Turns out the official number is 3.6%. http://www.usatoday.com/money/perfi/retirement/story/2011-10-19/social-security-cola/50822994/1
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