Thanks to inflation, social security recipients can expect to see a 5.9% cost-of-living adjustment (COLA) in 2022. That's only fair. But NorCo retirees are getting nothing. That's amazingly unfair. Their buying power has gone down, yet a Democratic retirement board is ignoring them. I am even told that a COLA was promised at a recent retiree luncheon.
Today's one-liner: "The shortest way to the distinguishing excellence of any writer is through his hostile critics." Richard LeGallienne
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Friday, December 31, 2021
20 comments:
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That is true Mcclue himself promised us that. We all thought it was to start on January. What happened? He said it. Even a retirement board person said we were.
ReplyDeleteCola's just feed the inflation inferno, I remember when many government workers were getting increases even when the economy was in recession. Teachers union's always want more increase than the rate of inflation and usually get it, even when the people paying their wages are struggling.
ReplyDelete5.9% sounds great.....but SS hiked the cost of Part B by over 20%!
ReplyDeleteHow many non-government retirement pension plans get COLA? Since the takeover of the Bethlehem Steel Pension Plan by the Pension Guarantee Benefit Corporation in 2002 I, already on pension, received a cut in my benefits from where they were in 2002, The PGBC designated for me a certain amount of benefits to be received the rest of my life. Which was actually reduced because the PGBC which announced in late 2002 that it would take over the Retirement assets of the Bankrupt Bethlehem Steel did not actually receive these funds till eleven months later. In that interim the Managers of the Bethlehem Steel Pension Fund still paid us our contract determined rate and may rate was determined by the Contract of 1999. Of course, the response from the PGBC to this was that the Steel Managers had paid me more than the PGBC determined amount and therefore, I had to pay the excess back. The reality was, by PGBC regulations except for the $400 Shutdown which would have ceased at age 62 for me anyway, I actually wasn't paid too much. Minus the Shutdown money my payment would have been lower than the figure allowed at the age of my retirement, but what happened is that the PGBC did not want to honor the provisions of the Contract of 1999 and wanted to go back to a previous contract and based my entitled payment on that. Well, I appealed and was successful in keeping more of my pension, but not the total amount minus the shutdown pension. But after this the PGBC came back to me and said I had to pay back the overpayment through the reduction of the determined benefit. So, as it happened, I been paying this overpayment back since 2004 and will finally receive my full benefit amount in February 2022. It will not have a COLA.
ReplyDeleteWhat don't you understand? I thought you were a Dem?
ReplyDeleteI think you need a break. Miami is nice this time of year. You can hang with AOC.
Medicare premiums increased just enough to wash away that highly touted Social Security increase. Inflation is a killer of financial security over time. Current rate of inflation (blame whoever/whatever you want) is at its highest rate in 40 years. To make matters worse, the cost of food is NOT included in that calculation.
ReplyDeleteI work in the private sector and am old enough to retire but my pension has been cut in half so I keep working. If the public sector workers are unhappy about their jobs then I suggest they quit and dont let the door hit you in the butt on the way out.
ReplyDeleteLet's not forget that pensions go down every year as feds take more money. Hard on a fixed income
ReplyDeleteHappy New Year everyone. Executive McClure told all of us at the luncheon that we would receive A COLA. What happened? There has to be an explanation. Waiting to hear why it wasn't given and is it still open? We deserve a reply.
ReplyDeleteDennis P and others we all picked our paths [ease stop making everyone pay for your decisions. It is true that McClure told retirees there would be a COLA. So, it is time to call your retirement board members and ask what happened. That is flat out wrong. WAs it a campaign ploy? If so, Bernie you need to call him on it he is playing with retirees' lives.
ReplyDeleteWell, the Dems among them *did* vote for this economy. It's the price they pay for being rid of the nasty tweets that upset them so.
ReplyDeleteTouchy subject, I know. But, the Trump Tax Pan adopted during his term REDUCED the amount of Federal Income Tax on everyone, no matter what tax bracket you are in. That includes taxes paid on Social Security, corporate and private pensions, etc. At the moment, his tax plan has about 7 more years left to run . . . . unless some other administration does away with it. Yes, this is true!
ReplyDeleteEvery tax bracket rate went down, while the standard deduction went up.
YES, County employees deserve, and need, a COLA. Good luck!
"5.9% sounds great.....but SS hiked the cost of Part B by over 20%!"
ReplyDeleteThis is true, but unless someone is living very close to the edge, this is not a big deal. Part B premiums that the 20% is on are a lot less than the amount of monthly payments that the 5.9% is on. That 20% is a $20.60 monthly payment - less than $1 a day.
Every County Executive has screwed the retirees and now, McClure has proven he is no different. Retirees do vote and so do their husbands, wives, children and families. That is enough votes to control any County election. Maybe it's time to throw out all the present members of Council in the next election so they get a message. We will be watching.
ReplyDeleteMcClure gives the taxpayers a 8% reduction in their property tax, but the retirees pretty much will give it back
ReplyDeleteRetired state employees haven't had a COLA for 18 years. I was frugal with my money, saved in the Deferred Comp program, and also had a separate IRA. Live below your means and manage your money well and you'll be ok.
ReplyDeleteJoin the club. I've been a Lehigh County retiree since 2010, and there hasn't been a COLA since. I imagine it goes back well before that.
ReplyDeleteWhy would anyone believe the government intends to be benevolent to the common working class? The bigger government becomes, it mostly serves the wealthy and the privileged politician elite. Most of us are simply the “worker bees” that provide the sugar to our betters.
ReplyDeleteThen, of course, we have a growing dependent class that wants even MORE government for whatever benefits filter down as compensation for their votes. In the end, the middle class is bled dry. Sadly, our younger generation can’t seem to understand the future ahead for them. They just want to be taken care of by someone else. Even if that means a loss of freedom.
Be skeptical of politicians. Most, I believe, are not working in YOUR interest, just their own.
And the skum bag politicians take a COLA every year.
ReplyDeleteBUT LVEDC gives away millions and millions in dollars every year sucked out of the local economy and tax base. Screw the give aways to big business and screw the organizations that give the money away for something the companies are going to do anyhow.
ReplyDelete