Social Security Cost Of Living Adjustment INCREASE for 2024 | What COLA Really Means

[@Theretirementnerds]

A couple of semantic clarifications: 1. "Record-breaking" refers to the past 20 years. There were years further back that were even higher than the 8.7% increase we saw for 2023. 2. When we say the Trust Fund is or is not in jeopardy - Even if the trust fund goes to zero, your payments would still be 75% paid out based on most recent estimates. It is important to note that the fund balance has actually INCREASED for the last couple of years. It will eventually go to zero if nothing changes - "nothing changing" being a very important caveat. Thank you for watching!

[@tombev9717]

I just love how the Gubment COOKS the books

[@nerkymusselman8843]

i like your approach of not baiting your viewers into disclosing your videos purpose at the end. yes, we know, if we watch a video to the end the poster gets more money (“if you watch to the end i’ll tell you some incredible fact that will change your life forever”). thanks for all of your videos, they’re among the very best on the topic.

[@Theretirementnerds]

This means a lot! Thank you so much!

[@Theretirementnerds]

@@tsx3214 appreciate you!

[@jimmylawrence8415]

Thank you so much for a very informative video!

[@Theretirementnerds]

Thank you so much for watching!

[@FrankRizzo804]

Great informative video, thanks Erik.

[@Theretirementnerds]

Thank you so much!!

[@masterlee4370]

I watched this video and all I could think about was how your mom is doing. Not sure why, but I don't question these thoughts when they happen. Its been about 4 months since you graciously shared very personal news in that Cancer Video. Hope all is well with her.

[@Theretirementnerds]

Sincerely appreciate you 🙏 She is doing well all things considered. Still with us. Chemo is not a pleasant experience. Seems to be slowing the growth though.

[@eduardooramaeddie4006]

Hello 👋 thank you for the social security cola increase 3.2 ,great information as always thank you very much Eddie Puerto Rico 🇵🇷 🇺🇸, I'll take the 60 dollars

[@Theretirementnerds]

Thank you for watching Eddie!

[@michaelgreer9440]

3.2% COLA and 6% increase on part B, that makes sense

[@ginnygustafson4324]

What an insult to seniors.

[@nerkymusselman8843]

the insult is the procedure our govt puts 65 yr old people through when it come to their healthcare. a national disgrace. this is what happens when too many voters don’t make themselves aware of who their voting for and what they stand for, or simply ignoring their vote. stop staring into your phones at nonsense, and get educated and vote!

[@bobb7918]

Better than what I am getting working.

[@judithhall6725]

Wow. That sounds peachy. What that means for me who signed up at 62 I will get around $30 increase. That’s so insulting to our Seniors. I feel like I’ve been slapped and held down by my neck!! It would seem like this President and others who are indeed Seniors would have a little sympathy for those of us who are struggling but why should they? They have no money problems!!

[@teams3345]

Excellent video.

[@Theretirementnerds]

Thank you!!

[@MOstix13]

Wait, Medicare part B premiums are increasing by 5.9% but Soc Sec COLA is 3.2%. Does that make any sense?

[@ggjr61]

I’ve noticed Medicare tries their best to take any increase Medicare insureds get.l

[@jdenino6022]

@@ggjr61my husband is starting on Medicare next year. It is not cheap!!!

[@Theretirementnerds]

It's common to see something like this each year when COLA is announced and new Medicare premiums are announced.

[@MOstix13]

Seniors keep getting screwed.

[@islandhi2u]

Can you do a video on the Postal Act new medical plans?

[@davidfolts5893]

Framing and recency bias can skew our perception.🙏

[@dianac.9143]

they say in a video 3.2 now they say it will not be that much. for some of us is around 30$ a month. inflation is higher than last yr.

[@themightysquid]

Wow! Eggs are up 100% on a good day, most foods and snacks are up 50-100%, auto insurance is up 25%, but my cost of living increase will go up 3.2%? Great, ice cream once a month for all of us. Aaaaaawwwwriiiiight!

[@dmulvany]

Do you know what the deductible will be for the High Deductible G plan in 2024?

[@Theretirementnerds]

$2,800 deductible for 2024

[@themightysquid]

Oh great! My SS went up the same amount that my Medicare went up, and my prescription plan doubled in cost. Now I pay income tax on 85% of what’s left over(that was taxed for the last 50 years from my income). Our govt finding new ways to rob us of any hope of retiring. You’ll work and pay 1/2 your earnings till the day you go.

[@harbonip]

It might not happen with the new speaker of the house and Maga GOP Republicans. They want to privatize it or cut it completely out .

[@birdkitty6817]

Will a widow get this cola if she is going to start drawing survivor's benefits before she is 62? Thank you.

[@Theretirementnerds]

Yes she will! Great question!

[@birdkitty6817]

@@Theretirementnerds Thank you so much for taking the time to reply to my question. I really enjoy your videos and how you present them.

[@famnaff5136]

How much did Medicare increase?

[@Theretirementnerds]

Base premium went from $164.90 to $174.70. Part B deductible went from $226 - $240. We have a video coming put soon that'll break it all down.

[@marksirota3153]

What about IRMAA brackets for 2024?

[@Theretirementnerds]

@marksirota3153 went up as well. Working on a video about all this :)

[@Old_Foxy_Grandpa]

yeah, but what is the medicare deduction increase? For me, the medicare deduction has been more than the SS increase.

[@tomm7505]

It's going up $9.80 per month to $174.70 per month for 2024.

[@luxbrite]

What an insult!

[@veronicablack3976]

What a joke!!! 😡🤬