You beat me to it, basically said the same thing I did right after I posted
People relying solely on SS have it bad. Those COLA raises are calculated far behind the times. In these days of high inflation, it is catastrophic what those uncompensated-for-the-times increases does to their buying power.
The wife and I have experienced the drastic decreases in buying power with this inflation compounded by our decreasing income/buying power due to the diminishing effects of those behind-the-times COLA raises. We lose yearly, but during these high inflation times, it is more than significant, and there is no remedy of compensation built in to the Social Security system to maintain the buying power that each and every one on Social Security paid for.
Woody
Soros put Obama in office, Obamanation was Soros just like Beijing Biden is another of his puppets.
It is a shame SSI doesn’t keep up with inflation. The things that affect fixed income, Social Security are usually tied to other things like government massive spending. Politicians don’t really care about the retired on a fixed income. They’re too fixated on themselves and government handouts to get more votes. Unfortunately it sounds like you might have to get a second job. I’m far from retirement and I think death will be my retirement. I’ll probably have to work till I’m 68 or 70.
... And the shame of it all is that the government took what we could have saved for ourselves, or used to invest in ourselves. The return and security would have been far better than what any government could supply.
Yeah, color me pissed.
Woody
I hadn’t even started to consider the reality for people on fixed incomes. How much more will things have to go up before most can’t stay afloat? Won’t they have to raise payment amounts at a certain point?
The increases (and lack thereof) in SS has not kept up with inflation. But, neither has wages.
Inflation hurts everybody, the further down the economic scale, the more it hurts.
Dumbasscraps are intent on making everyone equal. Like an "Animal Farm", as long as equal means 1% at the top, in power and 99% at the bottom, dependent on the 1%.
Inflation hurts everybody, the further down the economic scale, the more it hurts.
Dumbasscraps are intent on making everyone equal. Like an "Animal Farm", as long as equal means 1% at the top, in power and 99% at the bottom, dependent on the 1%.
I did personally retire at 68 in 2014. Wife was 62 at the time the two of us retired. However, we both have our state pensions and SS, and because of sheer luck, we stumbled onto a part-time Summer job that lets us work and see new country at the same time. While we still have that as an option for as long as we want and are able, we are concerned about how the inflation (especially of fuel costs and hotel costs) will affect the company for whom we work.
Interestingly enough, it was an OSA member that asked me one day if I wanted to be a professional driver again. With my driving experience and the wife's computer experience, we make a good "drive team" for the company. While I'm not sure he wants his name mentioned, I won't mention it, but I'll again offer to him my thanks.
Problem is the vast majority of people would not have saved or invested for retirement to reap those interest benefits. If you look at the average person’s retirement it’s even worse than what you get from SSI. I do not condone a nanny state but I understand the reasoning behind it when they did it way back when. They need to cut off all the druggies, alcoholics and deadbeats that are collecting off SSI. Too many mouths on the teat.
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