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cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: NewtonMP2100
Date: July 13, 2022 10:46AM
.....may be as high as 10.5%.....


Social Security cost-of-living adjustment could be 10.5% in 2023, according to new estimate

New Consumer Price Index data for June shows inflation has not cooled.

That could mean a 10.5% cost-of-living adjustment for Social Security beneficiaries in 2023, according to new estimates from The Senior Citizens League.

How big the increase is in 2023 will depend on inflation data for the coming months.

.....Social Security beneficiaries will be in line to receive a record high cost-of-living adjustment in 2023 due to inflation. The question is exactly how high it may be.

Based on new Consumer Price Index data for June released on Wednesday, The Senior Citizens League, a nonpartisan senior group, now estimates the cost-of-living adjustment will be 10.5% for 2023.

A 10.5% COLA would amount to a $175.10 increase to the average monthly retirement benefit of $1,668, according to The Senior Citizens League.

In comparison, the group’s estimates from the past two months indicated the COLA for next year might be 8.6%.

That’s as the Consumer Price Index for all Urban Consumers, or CPI-U, climbed 9.1% in June over the previous 12 months, the fastest pace since 1981.

Meanwhile, the measurement used by the Social Security Administration to calculate the COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — shot up 9.8% over the last 12 months.

To be sure, the estimate for next year’s COLA is still tentative. The Social Security Administration calculates the annual adjustment by taking an average of the third-quarter data from the current year and comparing it to the third quarter from the previous year.

The actual increase for next year may vary depending on how high inflation is in the coming months.

“Looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months,” White House Press Secretary Karine Jean-Pierre said in a press briefing this week.

If inflation cools in the coming months and is lower than the recent average, the COLA could be 9.8%, according to The Senior Citizens League. If instead it runs hot or higher than the recent average, the increase to benefits could be 11.4%.

In 2022, Social Security beneficiaries received a record 5.9% boost to benefits, the highest increase in about 40 years. However, since then inflation has kicked up.



higher......than expected..............?!



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Re: cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: C(-)ris
Date: July 13, 2022 12:16PM
The rest of the country isn't getting a 10% raise this year. I fail to see how this will keep the pyramid scheme solvent, you cannot keep increasing payouts with record low amounts being paid in to the system.



C(-)ris
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Re: cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: Ombligo
Date: July 13, 2022 12:54PM
A 10% COLA will just drain the fund faster, Not that it matters to most of the recipients - they got theirs and the hell with everyone else.



“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias
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Re: cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: STL
Date: July 13, 2022 12:58PM
The fix for SS is easy peasy.
Remove the cap from withholding for payroll taxes.
My memory is predictions are the program's solvency will be lengthen another 40 years.
Easy peasy.
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Re: cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: vicrock
Date: July 13, 2022 03:13PM
And Medicare will go up a comensurate amount! smiling smiley
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Re: cherry COLA?!....looks like Social Security COLA increase may be higher than expected for 2023....
Posted by: Ombligo
Date: July 13, 2022 03:27PM
Medicare is expected to drop since it has decided not to pay for Aduhelm at $26k a shot.



“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias
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