SOCIAL SECURITY: 2025 COST OF LIVING ADJUSTMENT (COLA) + MEDICARE PART B INCREASE BUDGET CUTS & MORE

hey guys it's your girl CH I'm back today with another video in today's video we're going to discuss Social Security cost of living adjustment spoiler alert it's not that much guys we're also going to talk about budget cuts for Social Security Medicare and a whole lot more so if you all want the details on what this amount GNA be in 2025 you already know what to do stay tuned your girls got you covered now if this is your first time tuning in to my channel hi hello hey friend my name is chal and here on this channel we discuss shopping saving and everything in between I would love to have you a part of my internet family super easy click the big old red subscribe button down below on you're end just like that so while you're edit go ahead and give me a like especially if you love me bringing this content to you now guys don't forget you can try out Amazon Prime free for 30 days by clicking the link above in the cards or down in the description box you don't have to put a card on file you don't have to do anything okay get your items to you within the next 24 to 48 hours depending on where you live and the holidays is coming up so you want to get those items to you a lot quicker all right so let's go ahead and jump right into it because I know what you're here for and that is the cost of living adjustment which is expected to be the lowest the lowest since 2021 y'all when it rains and pours right okay Social Security recipients they can expect next year's cost of living adjustment to be the lowest the lowest because of inflation is cooling off or so they say so right the readings from July and August was released on today as well and they said that based on the Consumer Price Index it had climbed up to 2.5% year onye combined with the 2.6 reading so pretty much they're looking at the increase of about 2.5% guys now according to the senior citizens League this is like an advocacy group and they in they equate that increase to be about $46.80 a month nothing right pennies I mean I'm going take it right I'm going to take it I'm not going to complain but this situation is really unfortunate because also the rising cost in Medicare Part B so the portion of Medicare that helps pays for things like your ambulance services your medical equipment um clinical research earlier this year the Medicare Board of Trustees they estimated that the Part B premium which is automatically deducted from your monthly Social Security checks this is expect to climb by $10.30 or 5.9% which is about $185 a year so pretty much you're getting $46 but then you're going to have to spend just another $11 for your Medicare as well so that puts you at what almost like 37 bucks that you're going to get or $35 not much at all so I'm not here for it now of course we won't know the actual amount until October 10th so that is going to be the day if you want want to mark it down or look on yourself October 10th Social Security will announce it but usually they're pretty much they pretty much go with that last estimate so 2.5% um I think it's a slap in the face but just my opinion let me know what do you guys think down below let's go ahead and move on where the commissioner of Social Security is talking about the budget cuts and the Staffing crisis as well makers in the Senate discussed ways to go ahead and protect retirement and Social Security benefits today during a hearing that they held as well so we know that Social Security continues to face like solvency as well as budgetary challenges but the commissioner for the Social Security Administration Martin om Ali he asked lawmakers for additional funding for social security as they struggle with the Staffing crisis and this is why you guys are having such long wait times especially when you're calling in and this is happening all across the country he stated the challenge we face today in Social Security is perhaps the most daunting in its 89e history and this was his opening statement he said that the president's budget for Social Security would be a big step in the right direction he also argued that the money will help the agency staff like critical important um customer facing field offices around the country as well as like the tollfree phone line and he said Social Security today is struggling to serve more customers more than ever with the Staffing crisis that Congress has reduced to a 50e low so remember House Republicans had proposed to cut $500 million from the Social Security Administration budget well if they cut that money it's going to have to be Cuts I mean what what do they say crap roll downhill you know we can't say the real word but it Rose downhill so this cut would not only cut like Staffing offices or Staffing the administration but it also will cut like your local offices and well as well so this can definitely be like devastating to the agency he said Not only would we have a budget to really keep just the lights on but not to be anything not to do anything not to improve its resiliency as well so let me know what do you guys think because um hey if they cut $500 million you guys thought that you were waiting uh you're going to be waiting a long time as a right now so um Senator Scott he blamed the Biden Administration for the Social Security shortfalls and he said look let's find a way to get it fixed I think we know it's sustainable so I wish that the administration was doing something about this so this what we have we all know that this is an election year so security has really become a political talking point for the 2024 general election so yeah this is what we have but speaking of the election let me know who watched the debate last night like what did you think about it did it give you some answers to the question questions that you may have had remember this is a safe space over here I don't care who you vote for I don't care just get out there and vote that's my only thing vote but let let me know in the comments section what your thoughts was of the debate last night and we also are going to discuss where former president Donald Trump and current vice president Harris actually stand on Social Security and Medicare as well so voters last night you were able to get like their side bys side comparison of the 202 for presidential candidates so um last night we seen where kamla as well as Donald Trump they took the debate stage right ahead of their November election which I think guys is literally eight weeks away so it is time is moving all right well prior to the debate I think uh the Harris Administration they published online their priorities as well and then they provided a glimpse of where she stands on key issues so throughout the debate we seen where Harris noted that she would strengthen Social Security by the Long Haul um by making Millionaires and billionaires pay their fair share of taxes and I'm guessing she also stated in there where she wanted to extend Social Security payroll tax for higher incomes as well because remember this payroll tax it does not apply to wages above 168,00 in 2024 so she said my work is about protecting Social Security and Medicare and based on the longstanding work that I've done from protecting seniors from scams this is what she stated now we're a little bit unclear on what she's talking about is the work that she's done I'm not sure when it comes to Social Security maybe this was her work that she did as a prosecutor um but we'll see but she did also State last night that she had negotiated Medicare drug prices on the behalf of the American people referring to the legislation that was passed in August of 2022 that does give the Secretary of Health and Human Services the power to negotiate prices for expens of drugs that are covered under Medicare as well so that was her stance on it then we have our former president Donald Trump his stance on Medicare and Social Security was he promised to protect the benefits as well as he didn't really provide any details on how he would achieve this he hasn't any he hasn't published anything or offered how he would ensure the long-term progress of the solvency without cutting benefits or raising taxes at all but by line guys is Social Security and Medicare this is an important safety net for millions of Americans and hopefully as we head to election day some of those questions that we have regarding the future and the programs will be answered as well but we all know that some candidates they do promise things but sometimes it doesn't necessarily translate after election day so I'm just saying do what you want to do with that we'll see how it goes let me know did the debate weigh your decision on how you were going to vote or you're still locked in on who you're locked in with let me know all in the comments down below and let's go ahead and move on to our last story for social and last but definitely not least the Social Security Administration is making it a lot easier for millions of Americans to sign and submit forms so more than 30 forms will no longer require a physical signature the agency announced this as well instead the agency will allow the documents to be signed digitally for 13 other forms signature requirements have been removed entirely as well so these new changes will eliminate the need for you to go mail fact I mean send it by a stor at this point but a pigeon a smoke signal whatever you want to use you don't have to even go to the local office as well so there was a statement that was released by The Social Security Administration it said across the forums that Americans use more often um we are eliminating many of the pain points as possible from helping people sign at the bottom of reducing the need to drive or mail something whenever possible the 30 forms will now accept electronic signatures representing about 14 million signed forms submitted each year so I mean they're trying guys we have to give it to the Social Security Administration especially the commissioner I think Martin Ali has come in and really is trying to clean things up I'm still looking into your overpayments and underpayments when it comes to Social Security remember they're doing Outreach calls when it comes to SSI as well there's a lot of things that's on the horizon but this is what we have in Social Security news let me know what do you feel about the cost of living adjustment make sure you set your calendars for October 10th that's when we'll know the full amount but don't get your hopes up I don't think it's going to be more than $50 as well um let me know if there's any other video ideas or things you want me to look into and as always please like comment subscribe grab you that Amazon Prime because you just need it right as well comment down below and I will talk to you later gator bye guys