Social Security Benefits to Rise in 2007

[sunrico90]

Social Security checks for nearly 49 million retirees are going up by 3.3 percent next year an average increase of $33 per month, though rising health care costs will take a bite out of the gain. The monthly benefit for the typical retiree will rise to $1,044 from an average of $1,011 this year.

Is 3.3 going to make a difference?

What would be a reasonable increase based on todays economy?

[T.S.]

Originally Posted by sunrico90

Social Security checks for nearly 49 million retirees are going up by 3.3 percent next year an average increase of $33 per month, though rising health care costs will take a bite out of the gain. The monthly benefit for the typical retiree will rise to $1,044 from an average of $1,011 this year.

Is 3.3 going to make a difference?

What would be a reasonable increase based on todays economy?

Still not nearly enough to live on in the United States. If I had to live on only social security benefits in the future, I would move to a cheaper country.

[kimbercuddles]

But how much better is it that social security benefits went UP as opposed to DOWN? Sorry, I always try to see the glass half full unless it's a no-win situation...

[the dufferz]

Originally Posted by kimbercuddles

But how much better is it that social security benefits went UP as opposed to DOWN? Sorry, I always try to see the glass half full unless it's a no-win situation...

The hard part about the half empty part of SS. is that something went really wrong with the system.

First and foremost, ask many older person who was around back then, and they will tell you that SS used to have the word "suplimental" attached to it. In other words, SS was never supposed to be a full retirement but a supliment to a private retirement. But, like most government programs, over time people started viewing it as a stand alone retirement.

Another "problem" is the advancements of the medical field where people are living longer. I remember that the word cancer used to be a death sentence, Period. Retiring at 65 usually meant that SS would be paid for 5 or 10 years on average. now people are living longer. When I get my SS benefit overview from uncle sam, it now shows my retirement being when I am 68. I am sure that I will be working until I am 70. Sigh.

And of course we must not let the government off the hook by not mentioning the fact that they have raided the SS funds for years and years to the point that this fund, that is supposed to be separate from the general budget, has been raped to a level that makes Enron look like a petty crime.

The glass is half full, but with all the straws in the glass being sucked on by those who are using the system...

[kimbercuddles]

Dufferz...what did you think about Bush's plan to privatize social security? I know it didn't take long for that idea to be pushed into ancient history, but I'm curious as to your thoughts...

[NHYRNUT]

Originally Posted by the dufferz

The hard part about the half empty part of SS. is that something went really wrong with the system.

First and foremost, ask many older person who was around back then, and they will tell you that SS used to have the word "suplimental" attached to it. In other words, SS was never supposed to be a full retirement but a supliment to a private retirement. But, like most government programs, over time people started viewing it as a stand alone retirement.

Another "problem" is the advancements of the medical field where people are living longer. I remember that the word cancer used to be a death sentence, Period. Retiring at 65 usually meant that SS would be paid for 5 or 10 years on average. now people are living longer. When I get my SS benefit overview from uncle sam, it now shows my retirement being when I am 68. I am sure that I will be working until I am 70. Sigh.

And of course we must not let the government off the hook by not mentioning the fact that they have raided the SS funds for years and years to the point that this fund, that is supposed to be separate from the general budget, has been raped to a level that makes Enron look like a petty crime.

The glass is half full, but with all the straws in the glass being sucked on by those who are using the system...

Nail, Hamme,r Dead Hit, Key word "SUPLIMEMTAL" Another good system gone bad.

[whitney]

It is sad that so many look at S.S. as a retirement check. If we had to depend on S.S. and nothing else, we could never retire! With pension plans and a little careful investments we may be able to meet the rising cost of medical care when we toddle into retirement, maybe at 85. That is, if we are healthy, don't need drugs (legal kind ).
When you look at your paycheck and what the government takes out to put into that "locked box" to quote Al Gore, and then estimate how much if any you will get, it does make you a little sick and very angry.

[kimbercuddles]

What are your opinions of the "privatized social security" plan that Bush tried to incorporate a while ago? Just curious, as usual...