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Social Security Benefits Will Be Cut In 2017
(Source – Investor’s Business Daily)
No matter who wins the White House in 2016, there’s no getting around it: Social Security benefits will be cut starting in 2017. A 1983 pact between President Reagan and the Democrat-led Congress to stave off an imminent Social Security financing crisis included a hike in the official retirement age from 65 to 67 somewhere in the far-off future. Read more…
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I am on ssi have loads of serious health issues will I lose my 635 a month am 62 been sick all my life n I have 6 Dr will I lose my Medicaid card
Gloria:
Thank you for your question. Just to clarify, the article on Social Security Benefits being cut was a 2015 article by Investors Business Daily (http://news.investors.com/051415-752658-social-security-retirement-age-rising-hitting-early-retirees.htm#ixzz3aE1z5Ggk) referring to the next phase of retirement age setbacks. As the article notes, 2017 marks the start of the change in the Full Retirement Age from 66 to 67, with a two-month change from age 66 in each of the next six years. The IBD article equates this change in retirement age to an eventual loss of lifetime benefits for those aging into Social Security, but it is not a cut to the benefits of current retirees; likewise, the article does not address health care (Medicare or Medicaid) issues.
As you’re most likely aware, various approaches to resolving the Social Security, Medicare, and Medicaid long-range financing dilemmas are under consideration in Washington, and no predictions on the outcome of future legislation can be made yet.
Again, thank you for your question. If I haven’t addressed it satisfactorily, please feel free to contact me at the AMAC Foundation, 1-888-750-2622.
Gerry Hafer, Certified Social Security Advisor, AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I have been on Ssi all my life since I’ve been a child due to a seizure disorder that I will have my whole intire life something that can’t be fixed I can’t work never have I worked so you tell me what am I supposed to do and how to live with just 520.00 every month now how am I gonna be able to pay where I’m living I pay rent I pay for my own toiletries & food & now you just suddenly cut me off I can’t even afford anything now it’s not my fault I can’t work trust me if I could I would but I can’t I just don’t understand this I wasn’t even aware of it at all I just recently moved back home from Alaska I got no letter stating I will be cut and why I mean there are certain people that are seriously ill & need Ssi this is just crazy please tell me what has happened why was Ssi cut
Joann:
Thank you for your comments. Just to clarify, the article on Social Security Benefits being cut in 2017 was a 2015 article by Investors Business Daily (http://news.investors.com/051415-752658-social-security-retirement-age-rising-hitting-early-retirees.htm#ixzz3aE1z5Ggk) referring to the next phase of retirement age setbacks. As the article notes, 2017 marked the start of the change in the Full Retirement Age from 66 to 67, with a two-month change from age 66 in each of the next six years. The IBD article unfortunately equates this change in retirement age to an eventual loss of lifetime benefits for those aging into Social Security, but it is not a cut to the benefits of current retirees; likewise, the article does not address health care (Medicare or Medicaid) or Supplemental Security Income (SSI) issues. It is certainly a misleading article, in the sense that most people reading it tend to equate the term “cuts” to the actual amount of their monthly benefits, and that is not the case.
As you’re most likely aware, various approaches to resolving the Social Security, Medicare, and Medicaid long-range financing dilemmas are under consideration in Washington, and no predictions on the outcome of future legislation can be made yet. Regarding Supplemental Security Income specifically, we know of no cuts planned for 2018 and, as shown on the Social Security Administration’s 2018 Fact Sheet (https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf), 2018 monthly maximum amounts increasing from $735 to $750.
Again, thank you for your question. If I haven’t addressed it satisfactorily, please feel free to contact us at the AMAC Foundation, 1-888-750-2622.
Gerry Hafer, Certified Social Security Advisor, AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
Does this apply to Social Security Income as well?
Jennifer:
Thank you for your question. Just to clarify, the article on Social Security Benefits being cut was a 2015 article by Investors Business Daily (http://news.investors.com/051415-752658-social-security-retirement-age-rising-hitting-early-retirees.htm#ixzz3aE1z5Ggk) referring to the next phase of retirement age setbacks. As the article notes, 2017 marks the start of the change in the Full Retirement Age from 66 to 67, with a two-month change from age 66 in each of the next six years. The IBD article equates this change in retirement age to an eventual loss of lifetime benefits for those aging into Social Security, but it is not a cut to the benefits of current retirees.
As you’re most likely aware, various approaches to resolving Social Security’s long-range financing dilemma are under consideration in Washington, although so far no specific actions have been proposed. There are many plans being reviewed, including a framework proposed by AMAC to insure the long-term stability of the program, while improving benefits for low-income retirees. You can read more about this at http://www.AMAC.us.
Again, thank you for your question. If I haven’t addressed it satisfactorily, please feel free to contact me at the AMAC Foundation, 1-888-750-2622.
Gerry Hafer, Certified Social Security Advisor, AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I hate to said it but it wrong for Donald Trump cutting out ssi and Medicare we working for our money we retried it not that money it our money and i think it best it trump and his term cutting that paycheck just like everybody I sorry you a hurting american people with no insurace and no money to putting good on table that wrong no wonder american will never be great because gov take our money and we doing working for our money rich peoe hope we find right person will cutting your rich money see how to feel be poor like us
Patsy:
Thank you for your comments. Just to clarify, the article on Social Security Benefits being cut was a 2015 article by Investors Business Daily (http://news.investors.com/051415-752658-social-security-retirement-age-rising-hitting-early-retirees.htm#ixzz3aE1z5Ggk) referring to the next phase of retirement age setbacks. As the article notes, 2017 marks the start of the change in the Full Retirement Age from 66 to 67, with a two-month change from age 66 in each of the next six years. The IBD article equates this change in retirement age to an eventual loss of lifetime benefits for those aging into Social Security, but it is not a cut to the benefits of current retirees; likewise, the article does not address health care (Medicare or Medicaid) issues. It is certainly a misleading article, in the sense that most people reading it tend to equate the term “cuts” to the actual amount of their monthly benefits, and that is not the case.
As you’re most likely aware, various approaches to resolving the Social Security, Medicare, and Medicaid long-range financing dilemmas are under consideration in Washington, and no predictions on the outcome of future legislation can be made yet.
Again, thank you for your question. If I haven’t addressed it satisfactorily, please feel free to contact me at the AMAC Foundation, 1-888-750-2622.
Gerry Hafer, Certified Social Security Advisor, AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I don’t understand my mother just called and said they cut off her checks. My dad passed away in 98 and she was receiving his benefits. Will she not get anything to live on besides 300 dollars. How do I fix this
Serena:
Something seems amiss with this situation. We will need additional information to help you get to the bottom of the issue, so please contact us via telephone so that we can learn more of the details associated with your situation. You can reach the AMAC Foundation office at 888-750-2622; ask for Sharon K.
Thank you.
Gerry Hafer, Certified Social Security Advisor
AMAC Foundation, Inc.
I have a question. I’m on disability for schizophrenia. I’m 40 years old.Is my benefits going to go down some or am I going to loose it all Completely and be homeless.
Rodney,
Your disability benefits will not be changed. The “cuts” described in the article you reacted to were talking about changes to the full retirement age now taking effect due to changes made to the law in 1983. Those changes raised the Social Security full retirement age for new applicants born in 1960 or later to age 67. Raising the full retirement age also effects the amount of reduction (benefit cut) for for retiring early, for example at age 62. and those are the cuts the article was referring to. So, there is no need for you to worry that your disability payments will be reduced as a result of the “cuts” described in this article. If you have any further questions or concerns, please don’t hesitate to call us at 1.888.750.2622, or email us at [email protected].
Russell Gloor
Certified Social Security Advisor
The AMAC Foundation
I would like to know how much money has been taken out of social security by presidents and was any paid back with or without interest on the withdraw?
Rachel,
The idea that any President or political party has taken money out of the Social Security Trust Fund is simply not an accurate description of how the Social Security system works. I know these accusations abound on the internet, normally promoted by someone or some organization trying to further a political agenda. But the reality is that the Social Security has, since its inception in 1935, been a “pay as you go” system where current workers pay Social Security taxes to fund benefits for current retirees. Over the years, when there were many more workers than beneficiaries, considerably more was taken in than paid out in benefits and the surplus each year is placed in the Social Security Trust Fund, which as of 2016 had a value of 2.6 trillion dollars. By law, Social Security is required to invest that surplus in U.S. Treasury securities, not unlike those available to private investors and which are backed by the “full faith and credit of the U.S. Government”. These securities typically yield interest of about 2.0 to 3.4 percent (2015 rates), and this interest aids in growing the value of the trust fund.
Now, yes, investing in those securities is technically loaning money from the Trust Fund to the U.S.Treasury, where those funds can be used for any purpose the Government sees fit, just as all other revenues the Government collects from anywhere. But that loan and those securities can be called for payment at any time by the Social Security Administration when it needs money to pay benefits to Social Security recipients. So when you read or hear something about one or the other President “raiding” the Social Security Trust Fund, it is simple hyperbole designed to stir emotion and promote an agenda. The reality is that Social Security must, by law, invest surplus funds in interest-bearing Government securities, essentially loaning money to the U.S. Treasury which must be repaid upon demand.
I hope this clarifies, but please don’t hesitate to contact us if you have further questions.
Russell Gloor
Certified Social Security Advisor
The AMAC Foundation
My father who is 91 called today to say that he got a letter from the Social Security Administration stating that my mother’s SS check will be cut from $791 to $96. My mother is almost 93 and has severe dementia. How can they do this legally?
They can do this because they’re the Government and unless the voters hold them accountable for their actions, UNILIKE the voters did in the last election, then they’re going to do whatever they want. Cut SS, give themselves raises at the same time. Good Job America!!
My father who is 91 called today to say that he got a letter from Department of Revenue stating that my mother’s SS check will be cut from $791 to $96. My mother is almost 93 and has severe dementia. How can they do this legally?
Robert,
Please note that the website to which you posted your question is a service of The AMAC Foundation, and not part of the Social Security Administration. We are a private organization whose mission is to assist seniors with questions about Social Security and Medicare services. But wishing to assist you, we note that this is the time of year that Social Security mails a letter to all recipients explaining what their benefits will be in the coming year. Although everyone will see a COLA increase of only 0.3% in 2017, that will usually be totally offset by the increase in Medicare premiums, provided that your mother’s Medicare premium is deducted from her Social Security benefit. But even taking that into account I cannot picture a situation where, in her circumstances, your mother’s benefit would be cut so drastically. Therefore I believe there must be some type of misunderstanding, or a mistake by Social Security. To resolve this you should get a copy of the letter from your father and call your mother’s local Social Security office for an appointment as soon as possible. You can find the location and hours of operation of your local Social Security office by going to http://www.ssa.gov/locator; just enter your zip code and they will give you the information needed. I hope this information is helpful, and please don’t hesitate to contact us again if we may assist you further.
Russell Gloor
Certified Social Security Advisor
The AMAC Foundation
[email protected]
1-888-750-2622
Hi ssa office
I dont get my ss check dont pending my untius bank…you dont depoist check dont get my ss say dec 2 2016….please send me fb or email me is [email protected]…you is where check my bank untius bank…happen ss dont pending ss is where now… i ask you when my ss depoist untius bank date my ss .i ask you jan 3 2017 ??? From Suzanne Bowyer
Suzanne,
Thank you for contacting us, but please note that we are not an office of the Social Security Administration nor part of the U.S. Government. Rather we are a free advisory service of The AMAC Foundation, a non-profit entity of the Association of Mature American Citizens. From your website post, I assume that you have been trying to contact the SSA because your check has not been deposited in your bank account for December. To resolve this issue you should contact your local Social Security office, which you can find at http://www.ssa.gov/locator. Here you can simply enter your zip code and it will tell you the location, phone number and business hours of your local SSA office.
Russell Gloor
NSSA Certified Social Security Advisor
The AMAC Foundation
As the retirement age is raised again and again, does anyone care that a lot of companies terminate their associates/employees, when they become older? Even though the worker has a few years left, they will find any reason to MAKE them retire. Even thou, supposedly, there are age anti-discrimination laws, companies ignore them for any reason, and are not enforced. So, raising the age for retirements, gives the worker no protection at all. This happens far more commonly than anyone seems to want to acknowledge.
Gentlemen:
I am 86 & my wife is 76. We are both on Social Security (SS)with the minimum payments for each of us.
Is the Social Security (SS)payments going to reduce, if so by how much.
You know I paid into social security when I was working & so did my wife, the government has been borrowing our money and now they intend to take Social Security(SS) away from us. This is a total disgrace of what they are doing to us old people. I have no retirement, just a little from (SS). What do they intend to do?????????
Ben Y
Ben:
Thank you for your comment. Just to clarify (and hopefully to alleviate part of your concern), the article on Social Security Benefits being cut was a 2015 article by Investors Business Daily (http://news.investors.com/051415-752658-social-security-retirement-age-rising-hitting-early-retirees.htm#ixzz3aE1z5Ggk) referring to the next phase of retirement age setbacks. As the article notes, 2017 marks the start of the change in the Full Retirement Age from 66 to 67, with a two-month change from age 66 in each of the next six years. The IBD article equates this change in retirement age to an eventual loss of lifetime benefits for those aging into Social Security, but it is not a cut to the benefits of current retirees.
As you’re most likely aware, the current presidential candidates have discussed (generally) various approaches to resolving Social Security’s long-range financing dilemma, and so far no specific actions have been proposed. There are many plans being considered, including a framework proposed by AMAC to insure the long-term stability of the program, while improving benefits for low-income retirees. You can read more about this at http://www.AMAC.us.
Again, think you for your question.
Gerry Hafer, Certified Social Security Advisor, AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Associacion, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
It is obvious that Donna and Murray do not make the $118K to reach the well deserved cutoff. Likely because they have failed to make the same good life decisions or taken the chances or worked as hard as those of who do.
I have no issue with raising the cutoff so long as you raise the max payout at the same rate for those who make over
$118K.
Thins represents Hillary and the Democrats way of thinking on every issue and there are a lot of us who are tried of it….
What happens when we all move to another country and let you take care of yourself…..
Go, you don’t like it here, GO.
its time to call in our markers. By everyone borrowing money from SS it has cause a major loss. It is money that should keep paying us monthly and keep Medicare for seniors.
Why has NO ONE mentioned the one thing that would cure Social Security???
NO CAP ON SOCIAL SECURITY TAX. NO INCOME LIMIT. EVERYONE PAYS THE SAME NO MATTER HOW MUCH THEY MAKE.
People who make under the 118,500 pay tax on all their income. Why don’t people making over that pay on all their income as well??
Seniors are being told we must foot the bill for all the unwise spending our political parties insisted upon. It makes no sense to stop Social Security payments once a wage earner
has reached $118,000. Everyone should pay the S.S tax on all wages earned up to and including 10 million dollars. Medicare taxes must also be paid on salaries up to 10 million dollars.
In addition no one should receive S.S. benefits if they have an outside income of at least
$250,000.
How about giving tax incentives to individuals who take a pass receiving their social security benefit due to the fact they have an outside income greater than $250,000?