Community Chat

[sunshine45]

i am sure that you all heard the news today.

via FORBES

The average Social Security payment will rise by more than $50 per month starting in January, thanks to the federal government’s 3.2% annual cost-of-living adjustment, or COLA. A 3.2% increase in the average Social Security check—about $1,706 in August 2023, the latest data available—would raise that monthly payment to $1,761, a $55 bump.

The yearly change in Social Security retirement benefits and Supplemental Security Income (SSI) payments is intended to help the nation’s estimated 67 million beneficiaries keep pace with inflation. The Social Security Administration, or SSA, adjusts the COLA to reflect changes in urban workers’ consumer prices. But this year, the 3.2% boost lags the current inflation rate, which was 3.7% as of September, according to the Bureau of Labor Statistics.

This year’s increase is considerably lower than last year’s 8.7% raise. That jump, calculated in 2022, reflected the inflation rate at the time. The highest COLA increase ever came in July 1980, when the SSA catapulted the benefit amount 14.3% amid soaring inflation.

[Carmie]

@sunshine45   I saw the news and it's exactly what I expected.  I have been following the predictions for a while.

Though this is appreciated, it is still it enough for those on the lower end of their benefits.

Interest rates, rent, food and utilities have all gone up more than that.

I wonder what Medicare B is going to cost, plus supplemental plans and RX plans which have really risen in cost.

Lately, I have seen so many older seniors working, well into their 80's to make ends meet.

[Teddixat]

@Trailrun23   election years have nothing to do with Cola increases.   Here is the chart showing Cola increases year by year

https://www.aarp.org/retirement/social-security/info-2020/colas-history.html

[Stray]

I think I read 3.2% will be the increase

[bells4me]

The rise in Medicare eats up the COLA every year.

[Othereeeen]

@bells4me 

SIgh...AGAIN with this tired  FALSE statement.

The AVERAGE Social Security check is 1705. as of August 2023.

A 3.2% increase is about 55 dollars a month.

EVEN IF your SS check was only 500. a month, the increase would be 15.00 a month.

Medicare Part B will go up about 10.00 a month, to 174.70 for 2024 (announced this morning)..for MOST Americans who get Part B.

In what wolrd is 10.00 .a month MORE than 55.00 a month ( the average?).

If YOU are on SS, mulitply your gross check by .032 ..to find your increase per monthof  what you will get on Jan 1, 2024.

If it is LESS than 10.00 a month, please let us know.

NOTE:  I'm talking about Social Security and Medicare NOT Part D, Supplement plans, or Medicare Advantage Plans, which are ALL private insurance.

From Social Security website:

"The COLA is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), an inflation measure tracked by the U.S. Department of Labor.

The SSA compares the CPI-W for July, August and September of one year to the same period the year before.

The average percentage change in the index over those three months determines the amount of the COLA."

Please stop repeating this tired false statement.

[SusieQ_2]

---

@bells4me wrote:

The rise in Medicare eats up the COLA every year.

---

This kind of uninformed comment is how false rumors are started. 

Thank you @Othereeeen for being the voice of reason. 

[Sage04]

---

@SusieQ_2 wrote:

---

@bells4me wrote:

The rise in Medicare eats up the COLA every year.

---

This kind of uninformed comment is how false rumors are started. 

Thank you @Othereeeen for being the voice of reason. 

---

I understand what @bells4me  is saying. Referencing the $500 most of that 3.2% goes towards paying the premium. For those who need extra help they should apply. I know two people who have done so and their Premiums are paid each month because they qualify.

[Othereeeen]

@Sage04 

I'm talking strictly math...if you WERE unfortunate enough to ONLY have a 500 dollar a month SS **TO LIVE ON**, there are lots of programs out there for help. I suppose there are checks that are less, if the average is 1705 a month.

Including the  Medicare Advantage Plans that pay part or all of the Medicare premium, or, just Medicaid, which if that was your ONLY source of income, would be available.

$500 dollars a month or less Social Security as the ONLY source of income is 6000 a year in income,well well well below the poverty limit, and would qualify the recipient to almost ALL the programs out there, which thank goodness are available.

[ALRATIBA]

I worked and contributed to SS for just about 50 years, and with a fairly good income the last 20 or so years.  

So - my SS income these days is rather generous .... I worked for it!