Will Boomers Have Less Social Security in 2010?
Unless Congress intervenes, those receiving Social Security won’t see a cost of living increase in 2010.
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In all likelihood, there will be an increase in your Medicare and perscription deductions from your gross Social Security payment? Supposedly, because of the recession, cost of living in the U.S. didn’t increase in 2009.
Will this affect many boomers? Yes, those who are eligible for Social Security payments.
However, is there anything that says we must have an increase each year? Do all pensions have an increase built into them? Is what we’re receiving more than what many paid into the system over the years?
If the lack of increase (and even decrease if Medicare premiums go up) becomes reality, more boomers may be considering small or home businesses to develop more income to live on.
What about you?