Is the cost of living increase through Social Security the same amount for seniors in every state of the union?
If the increase is...say..2 per cent... Florida seniors get the same 2 per cent as Texas seniors...or...Iowa seniors??? No matter what state you are living in everyone will get the 2 per cent???
I think COLA % is uniform but the amount paid is based on the SS payout for each individual. So if you are really elderly, like in your 90's, the payout from SS is lower (maybe 500 - 1,000), as your base pay from the years you or your spouse worked and paid into SS were lower wage paid years (like an income of 50K back in 1966 was a HUGE amount but today it's not). If you are a younger SS recipient, like 70, your monthly SS could be 2K as your working years income will be based on the last couple of decades when income increased dramatically for many. So 10%, for the 700 a mo guy, is $ 70 but for the 2K guy it's $ 200. I think this is how it works.
COLA for 2013 is 1.7%. IMHO won't matter because the Medicare required deduction is going to increase once that goes in later this year. Right now for the very elderly (like my mom who is mid 90's), Medicare iss about $ 98 a month required to be taken out of her SS check automatically. If Medicare increase might go up by 10% so there will be a big decrease in SS check once that happens.
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COLA for 2013 is 1.7%. IMHO won't matter because the Medicare required deduction is going to increase once that goes in later this year. Right now for the very elderly (like my mom who is mid 90's), Medicare iss about $ 98 a month required to be taken out of her SS check automatically. If Medicare increase might go up by 10% so there will be a big decrease in SS check once that happens.