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Breaking News Forum Social Security going up by 2.3 percent at News Forum - AP - Come January, Social Security benefits for nearly 50 million Americans are going up 2.3 percent, the smallest increase ...

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Old 10-17-2007, 11:25 AM   #1
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Default Social Security going up by 2.3 percent

AP - Come January, Social Security benefits for nearly 50 million Americans are going up 2.3 percent, the smallest increase in four years. It will mean an extra $24 per month in the average check, the government announced Wednesday.

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Old 10-05-2010, 04:53 PM   #2
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No increase in Social Security, help for strapped seniors...

Social Security: No 2011 increase expected
October 5, 2010 -- Chances are high that for the second year in a row Social Security beneficiaries will see no increase in their benefit checks.
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The official word won't come until mid-October when the Social Security Administration announces whether there will be a cost-of-living adjustment (COLA) for 2011. But those who've crunched the numbers say there just hasn't been enough inflation to justify a bump in benefits. The last time there was an inflation adjustment was in 2009: Social Security beneficiaries got a higher-than-normal 5.8% increase because of a temporary spike in energy prices in the third quarter of 2008.

Soon after, however, energy prices plummeted. Then the bottom fell out of the economy and by the third quarter of 2009 overall price levels had fallen 2.1% from the same period a year earlier. That meant no increase in 2010 Social Security benefit checks.

This year, there has been some inflation, but prices still are lower than they were in the third quarter of 2008 -- and that's the quarter that counts. By law, the Social Security Administration is required to track inflation using the most recent third quarter that led to an adjustment. So the 2011 decision will be based on the change in inflation between the third quarter of 2008 and the third quarter of 2010. (See 'What deflation -- prices are rising!')

"[There has been] an increase [in prices] relative to 2009, but it's still below the 2008 level, so no COLA again," said Donald Marron, a former director of the Congressional Budget Office. The CBO in August said it expects beneficiaries will not receive a COLA in 2011, and will receive only a 0.4% increase for 2012. If the CBO is right, that would mean a monthly Social Security retirement check of $1,170 -- the average among current retirees as of June -- would be the same next year, and rise by about 5 bucks in 2012.

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Life Lines for Seniors Drowning in Debt
October 05, 2010 - When 93-year-old Clara Watkins’ air conditioner broke down in a 100-degree Texas heat wave three years ago, she obtained a home equity loan to purchase a new unit. At the same time, says her 58-year-old granddaughter Sheridan Walker, the septic tank needed to be replaced, as did her grandmother’s 19-year-old car.
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“It was all things that were needed,” says Walker, who has taken care of her grandmother for the past 10 years. “Part of the home equity loan was also paying off previous credit card debt,” she added.

The two women live on combined pension and Social Security receipts totaling nearly $3,000, but with more than $160,000 in debt and a $1,400 payment on the home equity loan, they are part of a growing group of older Americans struggling to manage their debt.

Watkins enlisted the services of a debt relief company to help, but her granddaughter says the company is charging her $5,000 in fees before they will start sending anything to her creditors. Meanwhile her costs continue to rise as she tries to meet her basic needs.

“Seniors typically go into debt on things they cannot avoid spending money on,” says Joel Ohman, a Tampa, Fla.-based certified financial planner and founder of the credit card comparison website, CreditCardChaser.com. “While people who are in their 20s may charge things frivolously, seniors are purchasing things they need.”

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Old 11-10-2015, 01:28 AM   #3
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Social Security Spending Hit Record for FY2015...

$944,143,000,000: Social Security Administration Spending Hit Record in FY2015; $6,345 For Every American With a Job
November 9, 2015 - Spending by the Social Security Administration - which includes payments for Social Security and disability benefits as well as Supplemental Security Income payments and the administrative costs for these programs--hit a record $944,143,000,000 in fiscal 2015, according to data published by the U.S. Treasury.
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Even in constant 2015 dollars (with adjustments made using the Bureau of Labor Statistics inflation calculator), that was up $33,748,280,000 from the $910,394,720,000 the Social Security Administration spent in fiscal 2014. As of September, there were 59,737,817 beneficiaries getting Social Security or disability benefits, according to the SSA. At the same time, according to the Bureau of Labor Statistics, there were 148,800,000 people who had either a full- or part-time job in the United States. That means there were only 2.49 people with jobs for each of the 59,737,817 Social Security and disability beneficiaries.


At the same time, there were only 121,839,000 people with full-time jobs in the United States in September, according to BLS. Those 121,839,000 full-time job holders equaled about 2.04 for each of the 59,737,817 people getting Social Security or disability benefits. The $944,143,000,000 spent by the Social Security Administration in fiscal 2015 equaled about $6,345 for each of the 148,800,000 persons in the country with a job as of September. It equaled about $7,749 for each of the 121,839,000 people with a full-time job.

The $944,143,000,000 that the Social Security Administration spent in fiscal 2015 was also $381,637,000,000 (or about 68 percent) more than the $562,506,000,000 that the Treasury says the government spent on the Department of Defense and military programs during the year. In Table 5 of the Monthly Treasury Statement for September, the Treasury itemized the various elements that led to the $944,143,000,000 in total spending by the Social Security Administration in fiscal 2015.

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