Community Chat

[catter70]

Just heard on the news that it will be 8.7%. Grateful for that.

[Suzeecat]

This is good news! (Assuming you're talking about Social Security)  I was going to retire this January but put that on the back burner due to the inflation this year.  I figure it would help if I could earn another year's wages, and contribute another year tom y 401(k) instead of start to withdraw.  However, my employer has been handling out meager 3% raises for the past several years.  Uncle Sam is doing better!

[AuntG]

It is a hefty increase, but it's too bad inflation necessitated the increase. 

[skatting44]

It's becuase the  2022 Sept CPI # was 8.2%  and there's a big event next month. If the CPI keeps increasing each month than  the 8.7% will be eaten away .....

[kitcat51]

A raise? Good grief, it's the cost of inflation & the rate doesn't include everything it should. Before 2020 inflation was 1.4, gas average $2.65 now $3.79, 30yr mortgage rates 2.65 now 7.7 NSDAQ up 13,000+ now -10,000+, grocery increase 3.5 now 13.5, electricity rose 1.5 now 15.8 & I could go on with the bad news. The increase is a drip in a bottomless water bucket & it's going to get worse. 

[feline groovy]

Any additional amount is something to be thankful for, especially paying rent and other essential bills.

[meallen616]

@catter70,

Heard the same info! Thanks for posting,

[SilleeMee]

I don't collect SS. I receive state pension and I doubt there will be an increase for us. Last year we got ONE PERCENT.

[proudlyfromNJ]

We bought our house in 1989. Interest rates were horrible. If I remember correctly, they were in double digits. Thank goodness eventually they went down and we refinanced. The old days weren't always so wonderful.

[gertrudecloset]

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@Suzeecat wrote:

This is good news! (Assuming you're talking about Social Security)  I was going to retire this January but put that on the back burner due to the inflation this year.  I figure it would help if I could earn another year's wages, and contribute another year tom y 401(k) instead of start to withdraw.  However, my employer has been handling out meager 3% raises for the past several years.  Uncle Sam is doing better!

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This is actually very smart because when you retire you do want to have the most quarters you can possibly have from working.  That makes your check bigger when you retire!  Smart, gal......