Because all it really means is that all my savings are worth 5.9% less than they were last year. If cost of living continues at this rate for too many years by the time I reach the age where I’m going to have to take over the bills associated with the house(when my parents die), my money will not be worth nearly as much. I have some money in the stock market but I don’t like having the majority in there.
I guess I’m going to have to invest in something else to try to keep up with cost of living… I really hope this does not continue…5.9% in one year is just ridiculous.
Yeah. I’m nervous about that too.
I was thinking that eventually inflation would go back down again
I like it but I may be paying more out of pocket if my county or state doesn’t adjust the Medicaid limits and such. I’d need my own supplement and probably a meds prescription plan. We’ll see how this turns out. If they haven’t adjusted any income limits then I am screwed.
I don’t understand why this is a bad thing. My first year Receiving SSDI
Because the only reason it is going up is because your money is worth less. It’s not really a raise. And all the money that you have saved prior to this year is also worth less unless you have it gaining value through investments or whatever to try to keep up with inflation.
So anybody that has any savings that are not accruing value above inflation are losing money(edit: or losing the value of the money would probably be more accurate).
Thanks @Bowens for the explanation. I fail at economics. I truly don’t understand the monetary system.
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