COLA
The other side of the COLA coin
We have all read the headlines concerning the 2023 Social Security cost-of-living adjustment (COLA) could be the highest in 40 years. However, no one has mentioned the possible consequence of this potential historical increase: Taxes. Since 1984, Social Security beneficiaries…
Another estimate on the 2023 COLA increase
The U.S. Bureau of Labor Statistics reported the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August. So, what does that mean to Social Security recipients? Mary Johnson of The Senior Citizens League has updated her…
How COLAs increase your future Social Security
With all the talk of a record high cost-of-living-adjustment (COLA) for 2023, many people near retirement are wondering if they should file for their Social Security benefits to take advantage of this increase. You want to make the right decision;…
A Peek and a Guess at 2023 Social Security Benefits
Next year’s Social Security benefits will be much higher than those paid in 2022. But by how much? Dan Avery explores that question in this piece from CNET.com. The May year over year consumer price index has inflation at 8.6%.…
Inflation Poised to Give Social Security Recipients Huge 2023 Boost
It’s what all people are talking about–inflation. It hurts, and those on fixed incomes bear the brutal reality that they have no way to augment their incomes. No extra shift to pick up. No overtime. Their checks are the same…
Big COLA Coming But How Far Will it go? Medicare Goes up too.
Lorie Konish of CNBC notes what many are predicting for next year’s cost of living adjustment– it’s expected to be the highest in 40 years at over 6%. She explains that the increase merely allows one to keep up with…
A Thorough Explanation of Cost of Living Adjustments
Seniors know they get a cost of living adjustment (COLA) every January 1st, though the increase has been 0% several times in recent years. Sean Williams explains in great detail the rather strange way this calculation occurs, in that it…
Next Year’s COLA? Who knows, but one can speculate.
It’s that time of the year, and the numbers that will determine the COLA calculation for next year are now being accumulated. For those pundits looking ahead to what the CPI-W comparison will yield in October, the speculation is a…
Next 3 Months Are Crucial for Social Security Recipients
July, August, and September are crucial for anyone receiving Social Security benefits. That’s because the consumer spending data from only those three months are used to calculate the inflation rate. This then determines what the cost of living increase (COLA)…
Looking Ahead to 2021 COLA (Or, Lack Thereof)
Nobody really knows what will happen when the CPI-W numbers for the third quarter of 2020 are compared to 2019’s third quarter, but there is mounting speculation that there will likely be a year-over-year decline in living costs (at least…