COLA increase.

[khwaibah]

Just saw an article those who are eligible maybe getting a 12% COLA on their SS.

 

 

[ubonjoe]

I assume you are writing about US social security.

Moved to the US and Canada sub forum on the home country forum.

[KhunLA]

I'm sure by October, they will have inflation down to < 5% ... ????

 

Does anyone believe 2021 inflation was 5.9%, or any of the previous silly numbers, including three years of NO inflation over the past 2 decades.   Do they really think we ARE THAT STUPID ...

 

 

 

[ubonjoe]

13 hours ago, khwaibah said:

Just saw an article those who are eligible maybe getting a 12% COLA on their SS.

Do you have a source for that info? I suspect it an opinion based upon the current inflation rate in the states.

The COLA increase will not be officially announced until October.

For this year there was a 5.9% increase that started in January. It is here.

 https://www.ssa.gov/news/press/releases/2021/#10-2021-2

[lopburi3]

Quote

Based on March data released on Tuesday, the Senior Citizens League estimates the COLA would be 8.9% for 2023. That’s up from the group’s estimate last month for a 7.6% COLA for next year.

https://www.cnbc.com/2022/04/12/inflation-could-mean-a-big-social-security-cost-of-living-adjustment-in-2023.html

[khwaibah]

51 minutes ago, ubonjoe said:

Do you have a source for that info? I suspect it an opinion based upon the current inflation rate in the states.

The COLA increase will not be officially announced until October.

For this year there was a 5.9% increase that started in January. It is here.

 https://www.ssa.gov/news/press/releases/2021/#10-2021-2

Your posting for 2021. My source was from FB and could not get a copy. I do not expect anything tell later this year

 

[khwaibah]

1 hour ago, ubonjoe said:

Do you have a source for that info? I suspect it an opinion based upon the current inflation rate in the states.

The COLA increase will not be officially announced until October.

For this year there was a 5.9% increase that started in January. It is here.

 https://www.ssa.gov/news/press/releases/2021/#10-2021-2

This was posted by lopburi3

 

https://www.cnbc.com/2022/04/12/inflation-could-mean-a-big-social-security-cost-of-living-adjustment-in-2023.html

 

 

https://www.ssa.gov/oact/cola/colaseries.html

 

 

We could be in for 12+ percent increase Jan 1 2023

Edited April 20, 2022 by khwaibah

[ubonjoe]

10 minutes ago, khwaibah said:

This was posted by lopburi3

It must not of been on this forum.

It would be great but all we can do is wait for October to see what they do. Even another 5.9% increase would excellent.

[khwaibah]

6 minutes ago, ubonjoe said:

It must not of been on this forum.

It would be great but all we can do is wait for October to see what they do. Even another 5.9% increase would excellent.

I'm greedy. 14 percent. ????

[KhunLA]

48 minutes ago, ubonjoe said:

It must not of been on this forum.

It would be great but all we can do is wait for October to see what they do. Even another 5.9% increase would excellent.

Just half of the 'true' inflation would be nice.

 

SS COLA 5.9%

Medicare increase - 14.5%  ... 1 step forward, 2 steps backward

 

3 more Medicare increases that far exceeded the SS COLA of 0.3%, 0.0%, 4.1%

2016 (16.1%), 2010 (14.6%), and 2005 (17.4%)  

 

[KanchanaburiGuy]

1 hour ago, KhunLA said:

Just half of the 'true' inflation would be nice.

 

SS COLA 5.9%

Medicare increase - 14.5%  ... 1 step forward, 2 steps backward

 

3 more Medicare increases that far exceeded the SS COLA of 0.3%, 0.0%, 4.1%

2016 (16.1%), 2010 (14.6%), and 2005 (17.4%)  

 

Except........ 

 

The 5.9% increase was on 100% of your Social Security......... 

 

But the 14.5% Medicare increase was only on a small fraction of your Social Security.

 

. 

 

In my case, if I had Medicare Part B, the 14.5% increase would only be on the 9% of my Social Security that would be used to pay for it. (Not eligigible until September, but then will decline Part B, etc, anyway, while I live in Thailand.)

 

And Part A....... (Hospitalization)........ which was free before?......... It's still free. A 14.5% increase on zero....... is still zero! 

 

Lastly, don't forget............. you would have paid IN to Medicare throughout your working life at a rate that was less than half of what you paid into Social Security. 

 

But because Medicare is essentially Health Insurance.............. you could easily have an event that uses 10x what you ever paid into Medicare! You hope it never comes to that, of course. But isn't that true of ALL "Insurance?" You have it.............  but you hope you never have to use it? ????????????

 

You said, "1 step forward and 2 steps back." But the reality is, it's about 4 steps forward and 1 step back............ and the 1 step "backward" is only on a benefit program you CHOOSE to participate in!  ????????????

 

Cheers! 

 

 

 

 

Edited April 20, 2022 by KanchanaburiGuy

[kokesaat]

Cost of living increase for SSA expected to be about 8.5%

 

My wife and I were talking about the cumulative effect of year-on-year COL increases.  A $1000 payment back in the year 2001, for example, would be approximately $1500 with the expected 8.5% increase.  A small increase each year adds up!

[Jingthing]

I predict 9.6 percent.

[KhunLA]

I'd be surprised, impressed, if more than 7%

 

They are a bit of a joke to begin with, but better than nothing.  I enjoy being a blight on society.  Getting, probably got back all those taxes I paid ????

[Jingthing]

My prediction over 9 percent was obviously wrong. I'll now go with the consensus, something about 8.5. The "dream" of 11 percent is dead.