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How would you spend an extra $19 a month from Social Security?


  • In truth, for the average Social Security recipient, the 'extra' $19 does not begin to cover the higher costs of food and fuel, two things that are not a part of the government's inflation measurement. So there are no 'extra' dollars.
  • edited November 2013
    Speaking of extra money, and I don't want to discuss anything about the politics or the pros/cons, but if people are either going to have to buy insurance next year who don't have it or they're going to pay a penalty come tax time (and again, I'm not discussing the politics or pros/cons), does that mean money that will not be spent on discretionary (everything from one less latte a week to not taking a trip?) Anyone have any thoughts on the effect on discretionary - nothing, little, lot?

  • Hi Scott,

    Keep in mind, that likely; the majority of folks (at least the adult population) who receive SS have not started SS before age 62, more likely by age 65; and at that time, will move in the Medicare program. Individual health plans, except supplemental coverage would not be a factor. Note: Medicare, if one is already using SS; pulls $100/month for Medicare coverage. Supplemental health insurance to cover what is not covered by Medicare may pull another $125/month and more for a plan "f" coverage type and the individual may still need a prescription program, too. These range in price from about $19-$235/month, depending on deductibles and other factors related to a particular plan. Dental plans would be another expense.

    My best guess is that a 65 year old with Medicare, supplemental insurance and drug insurance may spend about $4,500-$6,000/year.

    The $228/year SS bump could go towards any of these costs with little benefit.

    Take care,
  • Hello,

    Seems, since they are being creative as to how they view the true cost of living increases from my thinking without considering all factors (increased cost for food, fuel and perhaps health care insurance cost) with this, they are perhaps chiseling those receiving benefits.

    I not saying that I'd tell them to keep it ... but, hey let's look at it as the government is going broke as they are having to issue debt securties to pay out what they are currently. So as the debt grows they look to payout less or raise taxes and/or some combination of the two.

    And, so-it-goes.


  • Hey, Skeeter. Yeah, telling the government to keep their miserly COL benefit is probably not a very good idea. They run up trillions of dollars in debt already. Just think what they could do with $19 per month times millions. Rest assured it would NOT be to reduce debt!
  • Hi BobC,

    Well in effect they are keeping some of it through chiseling. I think I'll keep whatever they payout knowing full well it is not enough to cover the true increased cost of living. I feel for those that only get Social Security. Glad, my family members became savers, investors and at times traders. It certaintly has increased out standard of living over time.

    My best,
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