Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years

[spanone]

New York
CNN Business
—
Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.

The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023.

The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year.

“Will the COLA be enough to keep up with inflation? It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group. “It depends on what inflation is going to do from October onwards.”

https://www.cnn.com/2022/10/13/business/money/social-security-cost-of-living-adjustment-cola-increase/index.html

[Johnny2X2X]

1. This is a massive deal for seniors and the disabled

I have a friend who's a disabled vet, barely gets by and manages his monthly budget down to the penny. This will be an extra $113 a month for him and will be the difference for him between making it and not making it.

My parents and mother in law are going to see a really nice bump too. If you were getting $2K a month in 2021, after the 5.9% bump this year and this 8.7% bump, that person would be getting $2302 starting in 2023. That basically means they're ahead of inflation.

[MichMan]

3. High inflation is good for retirees?

[snowybirdie]

4. Not at all

It merely means it can make inflation be less onerous.

[Doc Sportello]

5. Exactly where in the post does it say that?

"Getting ahead of inflation" is in no way saying "inflation is good for retirees".

[MichMan]

6. By definition, big COLA increases are because inflation is so bad.

I'm not celebrating

[Doc Sportello]

9. Which has nothing to do with your claim

That you made.

[doc03]

2. I am retired and get SS, the extra 8.7% will help compensate me for some of the inflation

Last edited Thu Oct 13, 2022, 02:01 PM - Edit history (1)

but I would rather see it lower. (That would mean lower inflation) No, probably most of us are not gaining a damn thing. My IRA has lost far more than that. I have a defined benefit pension plan and receive the same now as 12 years ago when I retired. I haven't seen how much more I will have to pay for the Medicare supplement next year either. I am glad to see the increased COLA. But I am not celebrating.
It is good for people that rely on SS alone.

[AntivaxHunters]

7. "The largest COLA increase in 40 years!"

And still willfully inadequate.
It doesn't do enough to offset the cost of goods & services with inflation.
Groceries still cost more than a year ago and that extra cash isn't enough to offset those prices on things like groceries, especially for people who are on disability. I get a mere $800, now it's like $860 or so. I have to try and live on that in one of the most expensive cities in America -- Denver, Colorado.

We MUST redo poverty income guidelines which are incredibly out of date. It's ridiculous.

[Emile]

8. Medicare to increase 8.7% next year!

Sarcasm!