The latest estimation on the COLA increase for 2023
The Senior Citizens League has estimated the Social Security COLA will be for 2023, based on current CPI data, is 10.5 percent. But, if the Fed is able to lower the inflation numbers, we could experience a smaller than expected Social Security COLA for 2023. David Rae looks at what a 10.5 percent COLA will look like for the average Social Security recipient. Read Mr. Rae’s article here…
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Comments On This Topic
Will not help at all unless the federal income tax standard deductions are not increased because the increasei will put a lot of seniors into a income tax bracket that WILL ACTUALLY CAUSE A LOSS IN INCOME DUE TO INCREASED FEDERAL INCOME TAX!!!!
The US citizen is living longer, working longer due to inflation and the need for some of us wanting to remain relevant into our 80s. That said, over time what if the government raises the 62 to 65 years and 70 to 73 to even 75 and see if that extends SS for the majority of the elderly beyond 2034. All I read about the younger generation is there are millions more of them than those of us in our 60’s and 70’s. What about raising the annual ceiling to $400,000 will also add greatly and wouldn’t impact their way of life.
Thank you for your comments. AMAC’s lobbying affiliate, AMAC Action, is actively working with a variety of congressional contacts to reform and modernize Social Security, a program that has not been materially changed in many decades. The AMAC Social Security (SSG), the legislative framework developed to address the solvency issue, has addressed the age criteria. although it recommends retaining age 62 as the early retirement age in deference to the many workers who cannot continue in their jobs beyond that age, usually for physical reasons. The SSG recommends age 70 as the full retirement age, but has not taken an explicit position on the tax ceiling. Nevertheless, I will forward your comments to AMAC Action for consideration as they continue to massage the approach to resolving this serious problem.
Again, thank you for your comments.
Gerry Hafer, Social Security Advisor
AMAC Foundation, Inc.
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when SS calculated my monthly SS pension amount, they refused to add my buy out amount I received to retire.
Should they have? Why would that not have been added to my wage earnings? I ended up paying it all in taxes.
Social Security benefits are computed from work earnings – passive income (such as a “buy out” amount) wouldn’t normally be considered as earnings, which is why Social Security didn’t include it when computing your benefit amount. That you paid taxes on the buy out amount doesn’t qualify it as part of your earnings for Social Security purposes. Your “earnings” are the dollars you are paid for physically working.
I hope this clarifies.
National Social Security Advisor
The AMAC Foundation