2021 COLA for U.S. Citizens

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2021 COLA for U.S. Citizens


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Old 13th October 2020, 10:23 PM
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Default 2021 COLA for U.S. Citizens

IT'S OFFICAL!!!

The U.S. Government announced today that the Cost of Living Allowance, (COLA); to take effect on January 1st, 2021; is set at a tiny little 1.3% increase...this will affect all three disability or retirement pensions: Social Security Beneficiaries, Veterans Administration Beneficiaries and Railroad Retirement Pensions.

So, if you are a recipient of any benefits from either or several or all of these three Government Agencies, expect to get an amount that might buy a few meals but I guess it's better than nothing! In other words...for every $1,000 U.S. Dollars you receive each month, your new check will amount to a mere $1,013.00...a $13.00 raise for each $1,000.00 you currently draw!

COLA calculations used by the U.S. Government have long been disputed by economic experts because the formula used for estimating inflation does NOT take into account actual expenses used primarily by Senior Citizens...who are the ones most affected by inflation since most are on a fixed income and no longer working! It is estimated that Senior Citizens and Retirees would actually need to receive a 25% to 30% COLA raise to get them back up to the spending power they had when they stopped working...

Here's hoping that the upcoming U.S. Elections, (November), will finally result in an update of this age old practice and bring America's retirees into the current financial market arena with actual spending power for each dollar received!

Stay Safe Out here Everyone...
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Old 13th October 2020, 11:04 PM
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Extra money is always welcomed.

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Old 14th October 2020, 02:03 AM
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I just filed my taxes before Oct 15th. I paid over $2400 in social security tax even being semi-retired. So I am going to get a $20 increase per month next year. that relates to $240 for the year. that means I paid over $2,000 in SS more then my raise. Plus i have not gotten any raises in SS from working after the age limit. this is a damn scam. I hate the government and how they reap us off.

art

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Old 15th October 2020, 01:02 AM
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Probably still wind up with a net loss, depending on how much more the medicare premium will increase. Some years there has been no COLA but there has always been a premium increase each year. Even when there is a COLA, it is always lower than the inflation rate so we almost always come out at a loss overall.

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Old 15th October 2020, 04:54 AM
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hey Fred,

I am lucky to have VA benefits so I canceled out Medicare several years ago. I got grandfathered through the VA system 20 years ago when they changed the requirements to qualify for benefits. Now I could not qualify for free health care through the VA. I only pay co-pay for medicine.

The way I understand it now if the vet makes more then the limit he can't receive any VA care. I know what you me about the cola increase and the medicare cost.

Art


Last edited by greenstreak1946; 15th October 2020 at 04:56 AM.
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Old 15th October 2020, 08:51 AM
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Quote:
Originally Posted by greenstreak1946 View Post
hey Fred,

I am lucky to have VA benefits so I canceled out Medicare several years ago. I got grandfathered through the VA system 20 years ago when they changed the requirements to qualify for benefits. Now I could not qualify for free health care through the VA. I only pay co-pay for medicine.

The way I understand it now if the vet makes more then the limit he can't receive any VA care. I know what you me about the cola increase and the medicare cost.

Art

A little off topic for the COLA thread but in response to your comment about VA Benefits, I think it is only a matter of time before we lose everything here in the Philippines regarding VA Medical Care!

First it was the loss of travel pay and then the new Foreign Medical Program and then VA Manila stopped processing Clothing Allowances for disabled Vets and just yesterday I received an email from VA Manila stating that the VA Medical Facility in Manila will NO LONGER provide ortho care for all veterans and ALL ortho appointments have already been canceled and they no longer process surgery authorizations and the Eye Clinic closed a late last year...etc., etc., etc...

Little by little, one by one, they are eliminating the services here until one day, they will not have anything to do and will close the regional office for good! Even with the pandemic...they are currently doing ONLINE visits with your primary care doctor, heck, they can do that from the US through the computer...so why even have an office here?

I had a situation this week and have been calling the Manila VA Office every morning and every afternoon for three days and it is being rerouted to a US VA Office...I even double checked the number and it is correct, it is the Manila OPC landline number on Roxas Blvd...but no one answers there and the person picking up the phone was in Houston, Texas!

It is ONLY a matter of time and I think the VA will close completely in the Philippines! And I hate that...I liked having a local VA Office here to handle our needs.

The Manila VA OPC and the Manila Regional Office are the ONLY VA Facilities outside of the US...and one of the reasons why I choose to retire here...because there WAS a VA Office!


Last edited by Cebu Citizen; 15th October 2020 at 08:52 AM. Reason: spelling
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Old 15th October 2020, 07:45 PM
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hey cebu citizen

My understanding the only VA care in the Philippines is the vets that are service connected with an injury or illness that is service related. I never had any care there because I was never service related with anything.

Back to the Cola. I think it is a crying out shame how we are treated with the raises. We can spend trillions of dollars on supporting the illegals and giving money to other countries but to the hell with us. Like I said I don't have medicare. Only VA health care here in the USA.

Art
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Old 16th October 2020, 02:37 AM
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Quote:
Originally Posted by greenstreak1946 View Post
hey cebu citizen

My understanding the only VA care in the Philippines is the vets that are service connected with an injury or illness that is service related. I never had any care there because I was never service related with anything.

Back to the Cola. I think it is a crying out shame how we are treated with the raises. We can spend trillions of dollars on supporting the illegals and giving money to other countries but to the hell with us. Like I said I don't have medicare. Only VA health care here in the USA.

Art

WELL SAID greenstreak1946!!!...the US Government will spend millions and even billions on other countries but they just don't seem to do much for the actual American citizens who are paying the taxes that generates revenue to support a government who treats their citizens like left-overs!!! As I mentioned in my original post...ALL recipients drawing Social Security Benefits are estimated to be short 20 to 30% in actual buying power due to inflation. The entire purpose of the COLA raises was to stop retirees from falling behind but year after year we keep falling further and further behind because we are given either NO COLA raise or a tiny little 1.3%...

I certainly appreciate ANY raise, and every little bit does help...but the fact remains that the way they calculate inflation and the COLA raises has got to change! Needs to be changed! Should be changed! I hope it will change...

AND...did I mention that it has got to change?
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Old 16th October 2020, 07:31 AM
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JUST IN.....

The United States House of Representatives have just announced today that a new emergency Bill has been introduced by Representatives Peter DeFazio of Oregon and John Larson of Connecticut that will provide an emergency increase to next years COLA, (2021), from the current 1.3% already approved by the Social Security Administration and scheduled to take affect on January 1st, 2021, to a 3% increase due to the extreme hardships currently experienced by retirees due to the COVID19 Pandemic. The bill was presented to the House today and an immediate vote is scheduled to take place tomorrow for an expected passage. However...even "IF" he Bill passes the House, it must also pass a vote in the Senate as well as a signature from President Donald Trump. The GOOD news...this Bill has a very good chance of passing because of the current election...no one wants to go into the election denying a critical bill for the elderly and retired population! The BAD news...this Bill has not passed the three necessary hurdles and is NOT a law yet...
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Last edited by Cebu Citizen; 16th October 2020 at 07:33 AM. Reason: spelling
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Old 16th October 2020, 03:55 PM
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Quote:
Originally Posted by Cebu Citizen View Post
WELL SAID greenstreak1946!!!...the US Government will spend millions and even billions on other countries but they just don't seem to do much for the actual American citizens who are paying the taxes that generates revenue to support a government who treats their citizens like left-overs!!! As I mentioned in my original post...ALL recipients drawing Social Security Benefits are estimated to be short 20 to 30% in actual buying power due to inflation. The entire purpose of the COLA raises was to stop retirees from falling behind but year after year we keep falling further and further behind because we are given either NO COLA raise or a tiny little 1.3%...

I certainly appreciate ANY raise, and every little bit does help...but the fact remains that the way they calculate inflation and the COLA raises has got to change! Needs to be changed! Should be changed! I hope it will change...

AND...did I mention that it has got to change?
Make sure you vote Nov 3rd!

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