Social Security increase 2020

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alliesmama4
Posts: 4529
Joined: Sun Aug 30, 2015 10:10 pm
Location: Southern IL

Social Security increase 2020

Post by alliesmama4 » Thu Oct 10, 2019 2:55 pm

I saw on the internet today that we are suppose to receive a 1.6% increase in Social Security. I saw it earlier in the day and forgot to write down the source.
Janet Alliesmama

icfrugal1
Posts: 2367
Joined: Fri Aug 28, 2015 12:54 am

Re: Social Security increase 2020

Post by icfrugal1 » Fri Oct 11, 2019 12:54 pm

That is what I have heard, but it means nothing (to me) until I see how much of an increase of Medicare will be. :roll:

IC

Quilter51
Posts: 503
Joined: Sat Aug 29, 2015 6:04 pm

Re: Social Security increase 2020

Post by Quilter51 » Fri Oct 11, 2019 1:20 pm

Yep. The question is will the increase just be an offset for part B or more.

itspennyc
Posts: 1890
Joined: Thu Aug 27, 2015 9:37 pm

Re: Social Security increase 2020

Post by itspennyc » Fri Oct 11, 2019 4:51 pm

I will get the entire amount only because my state pays my Medicare Premium.

Penny

LogicsHere
Posts: 482
Joined: Sat Aug 29, 2015 9:49 am

Re: Social Security increase 2020

Post by LogicsHere » Fri Oct 11, 2019 7:37 pm

Quilter51 wrote:
Fri Oct 11, 2019 1:20 pm
Yep. The question is will the increase just be an offset for part B or more.
It's easy enough to calculate. Take your gross amount SS before the medicare premiums and multiply by 1.016. Then subtract the new Part B premium which will be $144.30 (which is an $8.80 a month increase) to get your adjusted monthly benefit. To see the monthly COLA increase, take the new adjusted monthly benefit and subtract what you are currently receiving.

alliesmama4
Posts: 4529
Joined: Sun Aug 30, 2015 10:10 pm
Location: Southern IL

Re: Social Security increase 2020

Post by alliesmama4 » Fri Oct 11, 2019 7:49 pm

LogicsHere wrote:
Fri Oct 11, 2019 7:37 pm
It's easy enough to calculate. Take your gross amount SS before the medicare premiums and multiply by 1.016. Then subtract the new Part B premium which will be $144.30 (which is an $8.80 a month increase) to get your adjusted monthly benefit. To see the monthly COLA increase, take the new adjusted monthly benefit and subtract what you are currently receiving.
Logics thanks for the information on how much Medicare B will be in 2020. I will be in the hole since the state use to pay for mine but now they will make me start to pay it myself as well as medicare D.. So The amount of money I will be getting is zip..plus more will be taken out. You win some you loose some.
Janet Alliesmama

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