Medicare costs increase outpace COLA
I have a teachers pension which increases annually. I worked several extra jobs to make ends meet when I was a younger teacher, and paid into SSA since I was 13, and most years my extra jobs paid better than teaching, so I receive Social Security, too. Trouble is, since my income went up due to my pension increase, my Medicare costs went up, more than my Social Security COLA so I receive less now. Medicare takes 24% of my Social Security. Is this normal?
Terry Says
It’s sad, but it’s pretty normal. You have a lower than average SS check because you probably didn’t contribute as much since it came only from your “extra” jobs. But your Medicare premiums are the same as everyone else, so it leaves less in your check.
I don’t think our elected representatives get it.
