No relief for retirees

[trish]

Starting next year,no cost of living adjustment for social security recipients. But the medicare prescription drug premiums will increase. http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

[cameraman]

The cot of living increase is tied to the overall inflation rate. It was negative so therefore no increase. It isn't like they decided to screw people, the laws were written this way decades ago.

[grungex]

I (and my entire company) received neither raise nor annual bonus (first time ever) this year, and also had to take a one week unpaid "furlough". I'd say they're doing OK.

[Indy]

It's like Madoff when the checks start thinning out.

Ponzi schemes always fail in the end.

[oddlycalm]

Exactly right on the negative inflation curve and the way the regs were written.

It's a tough time for everyone but particularly so for retired people who are getting squeezed from all sides. The perverse nature of the current economic situation is that the epic low interest rates that benefit borrowers have reduced interest income on FDIC insured investments to record low rates. 3yr CD yields recently dove back below 3%. Uninsured fixed rate investments like bond funds aren't much better even though they carry significant risk. On top of that any home equity they have is significantly less than 2yrs ago which makes the possibility of a reverse mortgage that much less attractive.

oc

[FTG]

The death panels will kill them before they run out of cash anyways.

[KLang]

The death panels will kill them before they run out of cash anyways.

Now someone is going to report you to the White House. ;):eek:

[Ankf00]

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