Social Security Benefit Rises Dramatically This Year
UPDATE in the comments adding in the amounts per year.
That is the NY Times headline. Here is what that means:
If your benefit in 2021 is $1,000.00 per month, your check will go up $59.00 per month.
If your check is $2,000.00 per month, your check will increase by $118.00 per month.
If your check is $3,000.00 per month, your check will increase by $177.00 per month and so on.
Back to The NY Times
Also worth noting, We do not know the New amount that Medicare will subtract from our checks.
That is the same amount for all participants. So the numbers we will net will differ from the illustrations above. For lower amount recipients, sometimes the rise in Medicare costs can pretty much erase the gain in benefits.
For political and historic perspective, please note that Obama was by far the stingiest past President. (Whocoodathunkit) 2008, 2009, 2010,2011--NO increase.
Medicare cost has increased from $99 per month to $148.50 in recent years. Let's see what this years number will be.