Why is 2009 A GREAT Time To Be A SENIOR?

By
Real Estate Agent with LONG & FOSTER

 

WHY is 2009 a GREAT Time To Be A SENIOR?



2009 is a GREAT time to be a SENIOR because Social Security benefits will increase 5.8%!!  Courtesy of Uncle Sam, in January over 50 million Americans receiving Social Security benefits will benefit from this 5.8% raise, which is the largest since 1982.  So, way overdue!  Medicare also announced that for the first time in eight years, your Part B monthly premium (which covers doctors & outpatient services) will NOT GO UP next year.  


Every year since 1975, Social Security has given automatic cost-of-living adjustments to keep up with inflation. For 2009 the adjustment is a 5.8% increase.  This means that the "average" monthly Social Security check for an individual will go from $1,090 to $1,153 - an increase of about $63.


The average retired couple, both receiving benefits, will enjoy a monthly increase of about $100.  The maximum Social Security benefit any worker can get at full retirement age in 2009 will be $2,323 per month.


The average disabled worker's benefit will increase $58 per month to $1,064.  The federal monthly payment for an individual will go from $637 a month for an individual to $674, and from $956 to $1,011 for a couple.  The maximum amount of earning subject to the Social Security tax will increase from $102,000 to $106,800.


Retirees who work and receive benefits but are under full retirement age will see their 2009 earnings limit increased to $14,160 (it was $13,560 in 2008).  That limit jumps to $37,680 (up from $36,120 in 2008) the year a worker reaches full retirement age.


On the flip side, for those wealthier Seniors, the news isn't as good.  Their premiums will increase based on their income level.  For individuals with incomes of $85,000-$107,000, or married couples filing joint tax returns with incomes of $170,000-$214,000, their Part B premium will be increased to $134.90 per month in 2009.  Individuals earning $107,000-$160,000 (couples $214,000-$320,000) will pay $192.70.   Individuals with incomes of $160,000-$213,000 (couples $320,000-$426,000) will pay $250.50.  Individuals who make over $213,000 or couples over $426,000 will pay $308.30.


Other notable Medicare announcements youshould know include your Part B deductible, which will not change in  2009.  It will remain $135.  But, your Part A (hospital insurance) annual deductible will go up $44 in 2009 to $1,068 for hospital stays up to 60 days.  That increases to $267 per day for days 61-90  and to $534 a day for days 91-150.


For more information on the 2009 Social Security cost-of-living adjustments, visit www.socialsecurity.gov



Courtesy of Yvette Smith, Senior Real Estate Specialist® REALTOR®
WILLIAMSBURG REAL ESTATE
757-753-7472
5350 Discovery Park Blvd
Williamsburg  Virginia 23188
YvetteSmith@AtHomeInWilliamsburg.com


Comments (11)

Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Yvette, this is a wonderful post for seniors!  I'd like to reblog it for my Birmingham areas readers...Okay?

Have a great day!

Oct 30, 2008 03:29 AM
Marlene Pellegrini
Norwich, CT

Fabulous info Yvette!  Your doing a great job with this.  Keep it going, and I'll keep reading.

Oct 30, 2008 03:31 AM
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale

HI ANN!

ABSOLUTELY!!  Thank you!

Oct 30, 2008 03:31 AM
Audrey June-Forshey
RE/MAX Realty Services - Darnestown, MD
GRI, Gaithersburg, MD

Yvette, you are the smartest girl.  What great information for our seniors.  This is easy to read and so thorough.  I know I can always count on you for good, important information.  Thanks.

Oct 30, 2008 03:33 AM
Ginny Lee
Americas Best Agents, Inc/Premiere Plus Realty, Inc - Naples, FL
CRS, Realtor, CDPE & ASP,Americas Best Agent,Naple

Yvette, That is so interesting can I reblog it on my Naples Website at www.naplesrealestatecenter.com ?  We have a lot of seniors and I will give you credit for it of course!

Oct 30, 2008 03:36 AM
Audrey June-Forshey
RE/MAX Realty Services - Darnestown, MD
GRI, Gaithersburg, MD

PS, I thought this was so important, I reblogged you.  Hope that is okay with you?  You are the best!

Oct 30, 2008 03:36 AM
Patty Carroll
Vancouver, WA

Thanks for sharing this information. Our parents are retired and one is on disability so it's good news for them.

Oct 30, 2008 03:43 AM
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale

AUDREY - Thank you very much & yes, ABSOLUTELY, you can re-blog!

HI GINNY!  I bet you do have a lot of Seniors!  You certainly may reblog.  Thank you!

PATTY - I knew that it would be good news for a lot of people!!

MARLENE - Same here, you've got some good reading going on over there!!!

Thanks for your input.  I truly appreciate it!

Oct 30, 2008 04:04 AM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

Wow good information Yvette, I know I learned Alot from your post, I wonder what my S.S benefit will be when I retire down the road :)  Good stuff, keep it up.

Oct 30, 2008 05:54 AM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Yvette - Wow, you've done your research for your senior consumer and clients - Keep up the good work!

Oct 30, 2008 03:04 PM
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale

HI JUSTIN!  Thanks a bunch.  BTW, we finally got that lender problem solved.  The lender bit the bullet like you said!

Hey there, PETRA!  Thanks a bunch.  Enjoy the rest of the weekend!

Nov 01, 2008 02:44 PM