No U.s. Social Security Benefits Increases For 2 Years !

[Lopburi99]

Not a good sign. No increase for the first time since 1975 . Add to this a shrinking USD. Hold on to your wallets, expats!

http://www.foxnews.com/politics/2009/08/23...test=latestnews

[retiredusn]

Your right about the No cola raise this year and it goes a bit futher as medacare prices will increase so in fact its almost like decrease to many.

[Lopburi99]

Call it my cynicism, but I don't believe this is just due to cost of living predictions. I believe it is a planned action to begin decreasing SSA benefits, charging more and covering less for Medicare, and soon to increase taxation of benefits by raising the minimums. No surprise, we all knew it was coming.

This is the beginning of a lot of future bad news for all seniors in the U.S. and elsewhere.

[chuckd]

I've got to agree with you. Seniors are the targets of the new administration.

[BEENTHEREDONETHAT]

from yahoo

Millions of people with Medicare Part B coverage for doctors' visits also have their premiums deducted from Social Security payments. Part B premiums are expected to rise as well. But under the law, the increase cannot be larger than the increase in Social Security benefits for most recipients.

[PeaceBlondie]

After 5.8% COLA last year, the law calls for no more increases for now. A law written long ago; fair enough. The drug premium may increase $2 per month; de nada. We expats seldom pay for Part B insurance. Fair enough.

[dale8]

Hello, the government people in the US will do what they want because it is not a big election year. This can not be good for the people that will pay more for their medicines and rents this year. The US government spends too much to help private business, and unloads another bowel movement on the heads of the seniors. The dollar will have to get stronger against the baht for the expats in Thailand to live the same.

[Lopburi99]

For the first time since I've been here I am becoming worried about my future income sustainability here. Since this is clearly the beginning of reduced benefits due to the forecasted bankruptcy of Social Security I can't expect any future increases, even after two years, in my SSDI income. Add to that the much more significant concerns about the future of the U.S. Dollar and my (our) resultant further income decreases and I am really worried. This impacts us a lot more than not getting a small increase to our SSI. Everywhere I read how a weakening USD is good for America (and that even Fed Chairman Bernanke has written copiously to support that belief) there seems little to be optimistic about regarding that trend. I don't want to be a pessimist but there seems to be no denying the future is bleak for us retired expats living on minimal incomes now.

So, I never thought it would get down to this, but I am going to start looking to increase my income somehow, perhaps by teaching but with the difficulty of obtaining a work permit this is no quick and easy solution.

Obama openly campaigned on the "redistribution of wealth" (was anybody listening?) and now we are seeing this begin to happen big time. Just wait until the tax increases hit. A lot of people just didn't want to believe it and ignored it, hoping it wouldn't actually happen. But guess what? We haven't seen anything yet, IMHO.

(BTW, no disagreement with PB's post above)

[Lost in LOS]

I think our SS system is going to get us, and Obama will help. I paid 15% of my income for most of my life and just started receiving it. I dont think it will continue till I die as promised. If they give me my money back that I paid in, with minimal interest, I will be glad to give it up

[Carmine6]

I think our SS system is going to get us, and Obama will help. I paid 15% of my income for most of my life and just started receiving it. I dont think it will continue till I die as promised. If they give me my money back that I paid in, with minimal interest, I will be glad to give it up

To opt out, I'd be willing to forgo any interest and even the amounts employers paid for me in the past.

Using my last estimated benefits statement, I have to live to 85 just to get the money back. Except the trust fund won't have enough money to cover it's obligations about a decade before I reached that. So the estimate is a fantasy.

[TerryLH]

Did any of us complain when we unexpectedly got the 5.8% increase last year. That was almost double the norm.

I know I didn't complain.

As an expat, I'm not going to fret over an increase in schemes that I don't pay into anyway.

The erosion of the dollar should be a much bigger concern for us. I don't understand monetary stuff well enough to offer solutions, but I figure that for the mid-term elections in 2010 I can vote against the current 'big spenders' in the Congress and Senate.

The Brits are in the same boat. Let's hope all settles down and we can all get back to the fatcat days of yesteryear.

[JR Texas]

For the first time since I've been here I am becoming worried about my future income sustainability here. Since this is clearly the beginning of reduced benefits due to the forecasted bankruptcy of Social Security I can't expect any future increases, even after two years, in my SSDI income. Add to that the much more significant concerns about the future of the U.S. Dollar and my (our) resultant further income decreases and I am really worried. This impacts us a lot more than not getting a small increase to our SSI. Everywhere I read how a weakening USD is good for America (and that even Fed Chairman Bernanke has written copiously to support that belief) there seems little to be optimistic about regarding that trend. I don't want to be a pessimist but there seems to be no denying the future is bleak for us retired expats living on minimal incomes now.

So, I never thought it would get down to this, but I am going to start looking to increase my income somehow, perhaps by teaching but with the difficulty of obtaining a work permit this is no quick and easy solution.

Obama openly campaigned on the "redistribution of wealth" (was anybody listening?) and now we are seeing this begin to happen big time. Just wait until the tax increases hit. A lot of people just didn't want to believe it and ignored it, hoping it wouldn't actually happen. But guess what? We haven't seen anything yet, IMHO.

(BTW, no disagreement with PB's post above)

The system has been bankrupt for a long time.........just borrowing from future generations to keep it afloat. What worries me is that the visa bar continues to be raised under the misguided social engineering program implemented by the Thai govt. It hasn't happened yet.........and most expats think it will never happen....but at some point I do think the grandfathered-in laws will be abrogated, making it a level playing field for all expats. And at that point, it will be very difficult for many to meet the income requirements.

[Jingthing]

Voice of reality here. If you are already receiving social security benefits, you will be getting these benefits for the rest of your life. Period. There will be tweaks for younger people. Relax oldies!

[rogercw]

I retired from the Navy in 1976. A few years later Congress decided that retired military should do their part to fight the deficit by not getting a cost of living increase that year. A couple of years later same-same, that time the reason for no COLA was to help fight inflation. Both of those years Social Security pensions did get a COLA. Also a few years ago a retired military group got a case to the Supreme Court over recomputation of pensions. The Supreme Court ruled that they were correct that the government promised something and later broke the promise. The Supreme Court, however, ruled that the government does not have to keep its' promises.

So be aware when planning for the future that just because the government now promises you cost of living increases that does not mean that a future Congress must keep that promise if under financial pressure.

[InterestedObserver]

With the US National Debt standing at $11.7 trillion, a $1.8 trillion deficit this year, Medicare currently broke, and Social Security broke around 2016 COLA raises are the least of everybody's worries. By one estimate taxes will have to double or triple in the not too distant future just to stay even. I wonder what President Obama has to say about that.

Oh yes, wouldn't it be nice to have Medicare cover us over here. Just walk into Bumrungrad and plunk down your card. Talk about healthcare reform.

[Lopburi99]

With the US National Debt standing at $11.7 trillion, a $1.8 trillion deficit this year, Medicare currently broke, and Social Security broke around 2016 COLA raises are the least of everybody's worries. By one estimate taxes will have to double or triple in the not too distant future just to stay even. I wonder what President Obama has to say about that.

Oh yes, wouldn't it be nice to have Medicare cover us over here. Just walk into Bumrungrad and plunk down your card. Talk about healthcare reform.

I think President Obama very much understands the reality of the situation and that is why he supports the redistribution of wealth concept, something which he not only believes in philosophically but considers unavoidable. He doesn't back down on these views. What IS avoidable is making the situation worse by spending trillions additionally on programs America cannot afford, but I believe Obama can't resist taking full advantage of this unique opportunity to force his social agenda on the American people.

[cdnvic]

Another US politics thread we don't need. It was allowed due to the many members receiving SS payments but I think it's served it's purpose.