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What Retirees Need to Know About the Upcoming COLA
Trevor Jennewine starts by tracing the history of the automatic cost of living adjustment (COLA) to 1975. He then explains four things retirees should know about the 2023 increase: 1.) It’s the largest in 40 years at 8.7%; 2.) The COLA could still underestimate inflation; 3.) Some beneficiaries will get a bigger tax bill in 2024 due to the benefit hike; 4.) The Social Security trust fund may be depleted sooner than expected. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.