The best current prediction is that this year's Social Security Cost Of Living Adjustment (COLA) will be 8.7%. The official announcement will come on October 13.
must be nice to live on a "fixed" income. The federal salary increase is expected to be 4.6%. So the people working getting a smaller raise than the people not working. What a world.
To 7:47am. I could not agree with you more it must be really nice the fixed income people who get SS VA SSDI SSI RRB who worked 30 40 years and paid for it who served our country and people who got disabled are going to get a big increase of 8.4%. If you can live on $700 $800 $900or even$1000 a month more power to you.
I don't think this is the best estimate, it is simply one group's estimate. Last month they predicted 9.6%, so their track record isn't that great. Anyway, the current numbers give 8.8% (the COLA if avg CPI of July-September is the same as July-August), so 8.7% is good guess. The actual value shouldn't vary from that by more than a few tenths of a percentage point.
Yes, @7.47. I just LOOOVE my fixed income I paid into for years before being hit by a bad driver that left the scene. That whopping $838 sure lets me live in ultimate luxury. When it goes up to $910, I have plans to travel the world! Oh what fun a fixed income is. Choosing between the electric bill or food, wearing shoes with holes in them. It's a blast. In my opinion, you're heartless. I'll leave it at that.
Average Federal Employee Salary at end of 2021 was ($7,793.58 monthly $93,773. https://www.fedsmith.com/2022/04/22/average-federal-employee-salary-in-2021/
Average SS Retirement Benefits $1,626.92 monthly $19,523 Annual Average SS Disability Benefit $1,362.24 monthly $16348. Annual https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
So, the 4.6% expects Federal Increase comes to $358/50 monthly or $4,302 Annually The 8.7% increase for SS comes to $141.54 monthly or $1,698.50 Annually and for someone on disailbity comes to $118.51 monthly or $1,422.18 annually
While the percentage is about half, the actual increase in money for an employed person working for the Federal Government is roughly triple what a person on SS gets.
@1:56PM, I just read today Biden is lowering Medicare Insurance by a little over $5 next year. https://www.cnn.com/2022/09/27/politics/medicare-premiums-biden/index.html
must be nice to live on a "fixed" income. The federal salary increase is expected to be 4.6%. So the people working getting a smaller raise than the people not working. What a world.
ReplyDeleteIt’s most definitely not “nice” to live on a fixed income.
DeleteTo 7:47am. I could not agree with you more it must be really nice the fixed income people who get SS VA SSDI SSI RRB who worked 30 40 years and paid for it who served our country and people who got disabled are going to get a big increase of 8.4%. If you can live on $700 $800 $900or even$1000 a month more power to you.
DeleteI don't think this is the best estimate, it is simply one group's estimate. Last month they predicted 9.6%, so their track record isn't that great. Anyway, the current numbers give 8.8% (the COLA if avg CPI of July-September is the same as July-August), so 8.7% is good guess. The actual value shouldn't vary from that by more than a few tenths of a percentage point.
ReplyDelete8.7% that's all? My utility bills have increased like 40% and my groceries like 30%.
ReplyDeleteLooks like the Commissioner needs to not wait another 13 years before increasing the fee cap.
ReplyDelete@7:47 - yeah, poor you being able to work for a living, while these lucky people get an average of $1,300 a month to make ends meet.
ReplyDeleteGrow up.
Just wait for the increased Medicare premium that will offset most of the COLA.
ReplyDeleteThe Medicare premium is not expected to go up much (if at all), because they increased it too much last year.
ReplyDeleteYes, @7.47. I just LOOOVE my fixed income I paid into for years before being hit by a bad driver that left the scene. That whopping $838 sure lets me live in ultimate luxury. When it goes up to $910, I have plans to travel the world! Oh what fun a fixed income is. Choosing between the electric bill or food, wearing shoes with holes in them. It's a blast. In my opinion, you're heartless. I'll leave it at that.
ReplyDeleteWorking for the feds is pretty much fixed income too, although higher than SSA beneficiaries.
DeleteIf you think about it, most people are on a fixed income, i.e. salaried employee, Social security recipient
ReplyDelete@ 6:21, except you can choose to work elsewhere or take a side job because you're able to work, so it's actually...not a fixed income.
ReplyDeleteSome people in this comment section live in an alternate reality.
To 7:47
ReplyDeleteAverage Federal Employee Salary at end of 2021 was ($7,793.58 monthly $93,773. https://www.fedsmith.com/2022/04/22/average-federal-employee-salary-in-2021/
Average SS Retirement Benefits $1,626.92 monthly $19,523 Annual
Average SS Disability Benefit $1,362.24 monthly $16348. Annual
https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
So, the 4.6% expects Federal Increase comes to $358/50 monthly or $4,302 Annually
The 8.7% increase for SS comes to $141.54 monthly or $1,698.50 Annually
and for someone on disailbity comes to $118.51 monthly or $1,422.18 annually
While the percentage is about half, the actual increase in money for an employed person working for the Federal Government is roughly triple what a person on SS gets.
@1:56PM, I just read today Biden is lowering Medicare Insurance by a little over $5 next year. https://www.cnn.com/2022/09/27/politics/medicare-premiums-biden/index.html
ReplyDelete