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| Economy |
| What's the Lowest Your Social Security Increase Will Likely Be? |
| 2022-07-31 |
| [Motley Fool] You might have heard a lot recently about the huge Social Security cost-of-living adjustment (COLA) that's on the way. There are some reasons you shouldn't count on a COLA of close to 11%. To answer the question, it's important to first understand how the COLA is calculated. |
| Posted by:Besoeker |
| #5 Mike The raise of Fed Govt civilian salaries is not tied to the same COL that determines the Soc Sec adjustment. The Fed Govt adjustment is based on something called the 'comparability' analysis (explaining this is complicated and it is not worth the time to understand but it is based on a 1990 law which has been amended many times) and almost always adjusted by the President. For example, for calendar 2022, the GS employees received a 2.2% to 3.4% raise depending on locality (e.g., employees in Washington DC got 3.02%, while the raise in the SocSec benefit was about 5.9% |
| Posted by: Lord Garth 2022-07-31 13:09 |
| #4 The increase I got at the start of the year was less than the medicare increase. That coupled with inflation and the rising cost of everything leaves me where I was 6 years ago. Or worse off. |
| Posted by: Deacon Blues 2022-07-31 12:04 |
| #3 Social Security will increase slower than the Medicare surcharge and then there is Inflation -- so Real Worldâ„¢ decrease. |
| Posted by: magpie 2022-07-31 09:53 |
| #2 The raise will push more retired people into taxable brackets, where each dollar more is 100% taxed. Years ago I worked with a lady who was on Social Security, so only worked January-April, as everything she was paid after that reduced what she could get from Social Security by the same amount. It was sad — she enjoyed the work with her friends, but not enough to do it for free. |
| Posted by: trailing wife 2022-07-31 09:05 |
| #1 ...Yet another prediction: You're going to see some kind of effort to reduce the raise from whatever the mandatory numbers turn out to be...because the military and GS raises are connected to the inflation rate too. The Feds dare not stiff the GS's for a single dime, because of A) Government employee political support and B) some of that money eventually comes back to the Party. The Feds will figure that they can blow off the military and SS recipients ("Everyone must make sacrifices in this difficult time")...but the GS's will get more and better. Mike |
| Posted by: Mike Kozlowski 2022-07-31 07:21 |