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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12459
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I am 70 yrs old as of Jan 1st of this year and have been on

Customer Question

I am 70 yrs old as of Jan 1st of this year and have been on Social Security since I was 65. This was the first year that I didn't receive an increase and have been hearing some rather frightening things about what our government is doing to our Social Security and future income for those of us who rely on it. I do have a small IRA but it won't last forever. My health is good and I forsee me living for some time to come. I don't know what to think or believe about this information. Is it true and is there anything that I can do to prevent being screwed out of what is mine? I am also collecting from my deceased husband's Social Security. I'm currently receiving $1,411.00 per month. He died before he could collect any of his. Please let me know what you think soon. My email address is [email protected] gmail.com. Thank you. Barbara Nitz
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi, Barbara

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Hi - I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and a BBA, as well as CFP® and CRPS designations. - I can help here.

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Your Social Security is not in jeopardy. Don't believe the gloom and doom writers out there that sensationalize and write to sell advertising space.

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NO one got an increase this year... This is simply because the the math that drives this (which takes both average wage AND inflation into account) simply didn't GENERATE an increase.

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The root cause? A decline in inflation caused by falling gas prices.

Expert:  Lane replied 1 year ago.

The inflation measure used by the Social Security Administration was down 0.6% for the 12 months that ended in September -- largely due to a nearly 30% drop in gas prices. The COLA is set every October based on the September inflation report.

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But if prices don't increase, Social Security benefits stay flat. That's what happened in 2010 and 2011. And it is happening again in 2016.

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Your benefit is NOT in danger... WHY?

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Politics ... the largest growing segment of our population is the baby boomer group ... one of the strongest lobbies out there AARP and many others will not let this happen.

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The politicians know this ... What's the best way to get voted out of office for the next 20 to 30 years? ... back or create any legislation that does away with social security. ... We've already seen this happen once, during the Bush administration.... It's not going anywhere.

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We have BILLIONS that can be cut before doing away with Social Security ... again, political suicide for those in office.

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You'll be fine here.

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Lane

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Expert:  Lane replied 1 year ago.

Hope this has helped … let me know if you have questions

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If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

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Thank you,

Lane

Expert:  Lane replied 1 year ago.

Hi Barbara,

I’m just checking back in to see how things are going.

Did my answer help?

Let me know…

Thanks

Lane