2023 COLA Social Security record high

[calendria]

 

 

A Must Read:

https://www.marketwatch.com/story/inflation-will-push-your-social-security-check-even-higher-for-2023-11657734118?siteid=yhoof2&yptr=yahoo

The cost of groceries have jumped 12% in the last year, according to the consumer-price index—the price of eggs has increased 32.2%, chicken 17.4% and milk 15.9%.


Recipients are used to relatively minimal COLAs for Social Security. The average has hovered under 2% for many years, though it did spike to 5.9% in 2021. The last time it was in the double digits was 1981, when it hit 11.2%, according to the Social Security Administration.

For Social Security beneficiaries who receive the average monthly retiree benefit of $1,668, a 10.5% cost-of-living adjustment would provide an additional $175.10 every month, Johnson said.

[cathy37]

I do hope they will give us a good increase this year because everything has gone up.  My rent went up $50 and I am in that in between category of making too much for rental assistance and not enough to keep up with these high prices.

[linderlizzie]

I'm just waiting to see what happens. I'll believe it when I see it, if I see it. And if I do see it, then I'll believe it.

You get my drift?

[potluck6]

Ive heard from youtube about 8.3 percent or more. Hope so

[ancmetro]

    For food high prices, you can visit the local food bank to get some food free of charge.
The real problem is "high fuel prices". There is not much we can do, except wait for better times.

[oldbuddy]

    For food high prices, you can visit the local food bank to get some food free of charge.
The real problem is "high fuel prices". There is not much we can do, except wait for better times.

Work on carpooling for common trips to lower cost for those involved and do more online to save even more gas.

[Slee800w]

That's all I'm waiting for, I could sure use a lift in this tight economy

[calendria]

 

Unfortunately. the medicare premiums are set to rise to record levels in 2023, 14+% that means it will be  $170+ dollars a month for some of us, kinda makes the COLA disappear!!   

[mrisha]

Not sure how much the increase in SS will be next year, but hopefully it is more, because the inflation costs are ridiculous on everything.