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Social Security COLA no big deal

By Jennie L. Phipps · Bankrate.com
Tuesday, September 25, 2012
Posted: 5 pm ET

If you're doing some 2013 retirement planning you can probably safely factor in a Social Security retirement pay raise of 1.3 percent.

The official Social Security cost of living adjustment for 2013 will be announced in mid-October, but the Congressional Budget Office has already made its guesstimate without the final figures from September and predicts 1.3 percent.

That's a puny -- but automatic -- raise for Social Security recipients as well as those who receive federal and military pensions.

This estimate came Sept. 18 because the U.S. is debating whether to approve a bill that would increase veterans' disability and survivors benefits by the same COLA that other military, federal retirees and Social Security recipients get. The House of Representatives already passed the bill in July. The CBO concluded that at 1.3 percent, the increased cost of giving disabled veterans and their surviving spouses a raise would be $686 million in fiscal year 2013. When you think about a debt in the trillions, that sum doesn't look as mind-boggling.

The COLA adjustment is effective Dec. 1, and will show up in recipients' checks in January.

What are you going to do with that money? For one thing, you are likely to spend it on Medicare's Part D Prescription Drug plan. Seven of the top 10 prescription drug plans have scheduled increases of 11 percent or more, according to an analysis by Avalere Health of the Centers for Medicare and Medicaid Service Part D Landscape Files.

The Humana Walmart Preferred RX Plan is upping its charge the most. Its premium is going up 23 percent to $18.50 per month (which is still cheaper than most others). First Health Part D Premier, First Health Part D Value Plus and Cigna Medicare Rx Plan One each raised premiums by at least 15 percent. Overall, Part D premiums for current plans increased on average by 6 percent from 2012 to 2013, and the average monthly premium rose from about $38 to $40.

Medicare open enrollment starts Oct. 15 and runs through Dec. 7.  This is the time when you can switch plans. Avalere suggests you check out United Health's new Medicare Rx Saver Plus PDP, which costs as little as $15 a month -- the lowest-cost plan available in many parts of the country.

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30 Comments
Rose
October 09, 2012 at 9:57 am

Trust Mitt Rommney, I don't think so. the man is unaware of how others have to live. A 1.3% increase in SS still means I am living in poverty. Gee, where should I spend that whopping $10.00 a month? Electric prices have gone up 13%, gas and groceries are higher and I am expected to live on only a 1.3 increase? Give me a break.

allan erdmann
October 08, 2012 at 7:55 am

there better be rise in cola for 2013 more then 1.3% gas and food gone high , lets wake up .

Shirley
October 07, 2012 at 5:14 pm

Look folks.... get your head out of the sand! Republicans are our only hope to turn things around and head us in the right direction.

FOX NEWS is the only network that even comes close to telling it like it is.

The Democrats of today are not the ones of yesteryear! Anyone! Have you NOT noticed?

If anyone has had the rug pulled out from under their walkers it has been done by the Current Democratic Party to their other decent Democratic colleagues during these last four years.

My mother was a Democrat God rest her soul. If she were alive today she would not recognize it!

I am praying Governor Mitt Romney wins this election because as much as some of you Democrats believe, Pres. Obama will NOT protect your best interests much less Social Security or Medicare.

Blind faith in this current administration will only bring disappointment for it is sure to fail four more years if re-elected due to stalemate between two very different philosophies. Look at what has happened in the last four years on Pres. Obama's watch. Lack of leadership and anger does not produce cooperation between the two parties. It is for this reason I believe that many democrats have left or will leave the party and will not be voting for Obama again. Obama's lack of leadership has ruined our nation and you cannot believe in him much less what he says just to be re-elected. For he will not protect you much less save the programs you cherish including free enterprise, the rights of the Constitution and the right to make your own decisions.

I trust Mitt Romney because he is a TRULY HONEST person. You can trust what he says he will do. Regarding what others are saying about him such as being a liar, believe me when I say he does not lie. Mitt is HONEST and can be trusted. He truly does care about the poor, needy and for all Americans. If you'll just look you will learn that he has contributed many millions to charities that help others especially the poor and needy. Take time to listen to him and take an honest look at Mitt and you will see he and Paul Ryan love helping others and compare this with just how much Obama has helped other or Joe Biden! Have much have they given? Mitt has helped the poor and needy ALL HIS LIFE. He truly has helped and served others all his life. He is like no other candidate we have ever had running for president.

The false information about Mitt Romney's is just "false" propaganda and a plan to destroy Mitt Romney. This comes only from the Current Administration and their attack dogs with help from the liberal media. They are trying to convince the citizens of this great nation that Mitt Romney is a liar and that his plan(s)to save us are false.

Again, Obama will NOT save any of us. Don't believe Obama's rhetoric for nothing he tell you is true. He is the coverup President and the excuse president and the it's not my fault president. Hey! he said himself the buck stops with him and if he didn't do what he promised he would be a one term president. Well, let us help him keep that promise.

Wake up folks and pay attention to what Governor Mitt Romney is saying because we are all in jeopardy and will be for a long time if Pres. Obama gets four more years trying to fundumentally changing our nation to something akin to other failed nations! We need to be saved from making the mistake of re-electing a failed President.

The Republicans are not the ones to blame for the colossal mismanagement, waste and fraud in using our tax dollars on failed companies and shipping jobs overseas as has been and is being done by the Obama Regime. Not until we ourselves wake up and elect HONEST people to be our leaders we will not see any change for good. Believe me, the lies being told are not coming from Mitt Romney but they come from Pres. Obama and his minons and believe me it is not the other way around.

In the end "IF" Pres.Obama is re-elected, heaven forbid, then Democrats who feel he will look out for you will are in for a real shocker and soon will learn the folly of your vote. Obamacare implementation and not renewing the Bush tax cuts, which, by the way, will adversely effect EVERYONE especially the middle class and will hurt this nation's despicable job market. Everyone's taxes will increase when Obama's killer programs are implemented. There is going to be an increase in taxing and spending and more and more people will continue to not have work and lose their jobs, homes and this unnecessary trend of waste will continue "IF" Obama is re-elected.

The government is NOT the ones who should be "taking care" of its citizens. We are individually responsible for taking care of ourselves. Those who are disabled, are an exception, those who can't work because of disabilities should be taken care of by others (their loved ones, their friends, their churches and charities and not by continually creating more and more social programs that take our money and waste it. No one has a right to live off anyone else without contributing in society unless they are feeble and disabled. However, no one should depend on the government to care for them. The Obama administration wants and is creating a dependent society. This pleases many citizens who want to take advantage especially those of whom are unwilling to carry their own fair share by working or trying to become independent and work out their own needs. This administration is breeding a society who expects a free ride. I am not talking about the true needy and disabled but those able bodied lazy free loaders who "can" work but who refuse and instead place their needs on someone other than themselves "the government".

Our government will fall if it keeps trying to run our lives and take care of our needs. Look at Greece and other countries that have done this. Their citizens riot in the streets because they "the government" can no longer support them.

America was created by hard work hard and we have an obligation to work if we are able and provide for our family. We have no right depend on Social Security benefits unless we contributed to them. This program is not for those who have not worked. We also worked and earned Medicare. However, Welfare is for temporary assistance not a life style. People are obliged to support themselves and if for reasons beyond their control cannot then temporary assists is needed but not generation after generations of help. Everyone agrees that those who are unable to work because of debilitating illness need care but it is not the government we need to give this help with all its strings attached. Their kind of help makes society dependent and is NOT the right kind of help government should provide its citizens who want jobs not a handout!

I am sick to death hearing from those in this current administration(mostly Democrats)always talking about everyone else doing their "fair" share. since when did President Obama do that? He has never worked! He has never had a job. Certainly not one in the real world. All he has done being an absent president is having fun and spending all his time campaigning for re-election instead of staying at the job and doing the work of the people. He has not watched over nor taken care of business. He plays, he spends, he complains, he whines, he blames, he criticizes. He does no planning or carrying through on the job doing what a President should be doing. He has let down the protection of our citizens, not enforcing the immigration laws and rewriting those he does not like or skirting them. Simply stated, Pres. Obama does what he pleases when he pleases disregarding our Constitutional laws which he took and oath to uphold and enforce.

Sorrowfully, the government takes our money and spends and wastes it on perks for themselves and have no worries as they create their programs giving no thought to our complaint and shoving down our throats that which we do not want without our consent. This kind of government never works in helping the truly poor and needy or the affluent and rich who, by the way, are the ones would help create the jobs and stimulate our economy.

Look at China, North Korea, Cuba and other state run societies. Their government officials just keep on taxing and spending their citizen's hard earned resources and takes away their precious freedoms with total disregard to their agency. People's needs are not met in such societies and help that is promised never comes but instead the government makes their own laws and spends their citizen's money on themselves living in luxury and eventually become the people savior and god who they worship instead of the only true and living God in Heaven. Shirley

This current regime cannot save the nation. They instead want to negate our Constitutional laws. They want to keep dipping in and taking away our hard earned money and more especially take away our agency. Is it worth it folk? I resoundingly say no we need a new course with honest leaders.

Wake up Democrats. Your views are tainted by lies from those you trust. This current administration, has no plan to take care of you for the last four years and they do NOT have a good one to take care of you in the future because they have one thing in mind and that is to keep the POWER to do "whatsoever" they wish and to do with YOUR money whatsoever they please but is your loss of freedom worth it? Open your eyes and you can see the fruit of their past and current works.

Why in the world should anyone want four more years of Obama's policies? And speaking of debt to our children just take a GOOD look at what we Obama has created for them far into their future. It will take years for America and its children to dig out of what Obama has done to all.

walter golden
October 07, 2012 at 11:43 am

your comment reminded me of something.I have one cup every morning.I just started to buy it from the dollar store.Says it makes 50 cups.---For one dollar---Made in Vietnam?

Ronald
October 06, 2012 at 2:11 pm

To reduce debt, quit paying people that never contributed any tax money to FICA. non-working idividuals receive monthly payments from SS.

Rick
October 05, 2012 at 12:04 pm

Romney groups retirees who worked and contributed all their lives as part of a 47% of Americans whom he views as worthless leaches who depend on handouts. Ryan wants to do away with Medicare altogether and just hand out a government voucher and say "good luck" to seniors. He then tells us 'don't worry, it won't affect you, just future retirees' (ie: our children). Yet some folks such as Dave here wants them to win, why? You can learn more about Romney by watching the infamous tape than from any debate.

Doug
October 04, 2012 at 9:48 pm

"Smell the coffee" is a simple minded cliche'

Laurie
October 02, 2012 at 12:03 pm

Hello Jennie,
I live in Massachusetts and worked for Kmart for 10years before I started recieving Social security disability. I just got a letter in the mail for a lump sum option for my pension. All I would like to know is what it could possibly affect with the beneifts I recieve(Masshealth, Medicare, Section 8, Social security disability). If you know of anything that gets taken away or reduced by recieving a lump sum pension please let me know through my e-mail I would really appriciate the help.
Thank you for your time,
Laurie J

Terry
October 01, 2012 at 3:51 pm

Amazing..... the Republicans continue to attack our benefits (Since they haven't figured a way to eliminate them completely), and still some uninformed blame President Obama???? Stop drinking the FOX Kool-Aid, and pray that the Democratic Party gains MORE influence in Washington, it's our only hope for reform that doesn't pull the rug from under our walkers.

joe s
October 01, 2012 at 10:22 am

I hope Romney wins the election so all idiots like Dave can wake up and smell the coffee!!!!