Cost of Living adjustment high as 5.3% Social Security 2022

[mrisha]

 

Cola Highest in 13 years!  Says Fox news.

https://www.thinkadvisor.com/2021/06/10/social-security-cola-estimate-for-2022-raised-to-5-3/

What You Need to Know:

It would be the largest increase since 2009, according to the Senior Citizens League, which produces the estimates.

The number is tied to a larger-than-expected rise in inflation.

The 2022 Social Security COLA will be announced in October.

May’s core CPI, which excludes food and energy, rose by a larger-than-forecast 0.7% from April and 3.8% from a year ago, the most since 1992, according to Bloomberg. For the past three months, this figure has increased at an annualized pace of 5.2%, which is the fastest since 1991.

Actually it is more than that.  It's 5.9%.

[ccandpam]

My Husband is on Social Security and he got over a hundred dollar raise this year.

[calendria]

My Husband is on Social Security and he got over a hundred dollar raise this year.

But did you notice the 14% hike in Medicare premiums?

[Slee800w]

I hope that the cola for 2023 is going to be that high as well. If you took a look at the 1975 through 1982 colas it went that high and even higher for several years. Hope from 2023 and on, at least for a few years the cola reaches that high.

[calendria]

 

 

I just read an article the says 2023 COLA will be 8.6% increased!   This is due to inflation striking us with higher gas, food and rent!  Anyone else see this?  This will increase Social Security checks by over 140.00 a month for Most people.

A typical monthly Social Security check is about $1,658, according to CBS News. With the projected increase, beneficiaries could see about $142.60 per month added to their checks starting in 2023. That would bring average checks to about $1,800 every month.

https://www.wtsp.com/article/money/social-security-checks-cola-hike/67-8502d0de-909d-45e6-b5ef-0cb9d575d9b0#:~:text=CBS%20News%20says%20because%20the%20cost%20of%20everything,month%20added%20to%20their%20checks%20starting%20in%202023.

[DavidFlores18]

I don't think this is the best solution in this situation, there are alternatives

[calendria]

 

Quote from  ToTru Post on TellWut:

COLA increase for 2023 will be based on these figures if they do not change:

accelerated to 9.2 per cent in March 2022, up from 7.5 per cent in February 2022, 6.8 per cent in January 2022 and 6.4 per cent in December 2021.May 10, 2022

[Slee800w]

I wonder how high the cola is going to be for 2023, I hope it's high, I heard it's going to be high

[calendria]

 

 
 COLA is estimated at 3% next year, 2024, according to a forecast from The Senior Citizens League,


That’s much less than the four-decade high 8.7% COLA in 2023 but above last month’s estimate for a 2.7% increase for 2024.

https://www.usatoday.com/money/

[ancmetro]

   COLA is not high enough because of increase inflation. Try to save some money and invest it in CDs to increase your income.

[cathy37]

This was last year and greatly appreciated.  I hope this year will be just as good as last year.  Things have gone up so much and people need a good increase.