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Proposed Social Security cost-of-living adjustment won’t cover living costs, seniors say
Groups supporting senior citizens rallied at the Kluczynski Federal Building Thursday against a proposal introduced in the U.S. House of Representatives Tuesday that would change the way cost-of-living increases are calculated for seniors. The new calculation would use a measurement called chained CPI, which assumes that consumers can avoid higher prices by substituting cheaper purchases. ..Read More
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What is the amount deducted from social security for Medicare?
Marlene: For those signed up for Social Security and Medicare Part B, the Social Security Administration automatically deducts the premium from your monthly benefit. The actual amount of this deduction depends on your income level, but for most folks the monthly amount is $144.60. For 2020, if your modified adjusted gross income as filed in your 2018 tax federal return exceeds certain limits (generally $87,000 for single filers and $174,000 for joint filers), this amount is subject to additional charges. If your need help with this topic, please email our Social Security Advisory Service at SSAdvisor@amacfoundation.org or call us at 888-750-2622.
Gerry Hafer
AMAC Foundation, Inc.