At long last...I'm living on EASY STREET....

JDgreen227 · Dec 17, 2014

Today's mail delivered a letter from Social Security and it appears I will be collecting a whopping 1.7% cost-of-living increase. First one I have ever gotten...hmmm...let's see now...according to my records the increase will be roughly $23 a month more before federal taxes...anybody got suggestions on how to spend this windfall?

Yes, I am being sarcastic here....1.7% doesn't even begin to cover my latest property tax increase.....:laughing:

dusty3030 · Dec 17, 2014

Always remember that the taxable wage base goes up every time there is a cost of living increase in social security benefits.
So for every wage earner who hits that maximum their pay in along with their employers match will total $186 more per employee for CY 2015.

Flip side the maximum allowed to be put into a 401K also increases if there is a social security cost of living increase so if you are taking advantage of that it's a wash.

KiotiKowboy · Dec 17, 2014

Sounds like you can afford a bigger tractor!

Don H · Dec 17, 2014

Retired 5 years ago from a major metro fire department after 30 years and have never received any type of increase. But of course my costs, mainly insurance only go up.

JDgreen227 · Dec 17, 2014

Don H said:
Retired 5 years ago from a major metro fire department after 30 years and have never received any type of increase. But of course my costs, mainly insurance only go up.

You don't say how old you are but my understanding is that you have to be at least 62 to collect SS benefits. I am a government retiree and after my first year I began collecting $25 per month additional or a flat $300 a year as a COL increase.

mjarrels · Dec 17, 2014

Same thing on my Navy retirement and VA disablity. At least VA disablity is tax free. Home owners insurance policly just increased about 35%. Do the math!

mark

wolftree · Dec 17, 2014

A 1.7% increase beats no increase by a mile every time.

oldnslo · Dec 17, 2014

JDgreen227 said:
Today's mail delivered a letter from Social Security and it appears I will be collecting a whopping 1.7% cost-of-living increase. First one I have ever gotten...hmmm...let's see now...according to my records the increase will be roughly $23 a month more before federal taxes...anybody got suggestions on how to spend this windfall?

Yes, I am being sarcastic here....1.7% doesn't even begin to cover my latest property tax increase.....:laughing:

Just wait till you get your medicare tax increase, you will be in the hole with the rest of us working stiffs:banghead:

oosik · Dec 17, 2014

Yes, my 1.7% Social Security increase means $19 + change/month. You are right - its somewhat better than nothing or a poke in the eye with a sharp stick. And I just received notice that my property tax for 2015 is going up 9.2%. Its a thrill a minute living on a fixed income.