Corduroy Frog Posted October 17, 2023 Report Share Posted October 17, 2023 ..has probably already been brought to the forum by cbslee, but I understand it will be 3.2%. Wonder what the COLA increase has been for the measurement period. Recipients fight the double-digit increase in medical and drug costs, but they never get this kind of increase in their benefits. With 3.2%, I have to doubt they are even getting a COLA increase. There are other factors in the economy that tend to balance out the small increases. Most of them do not have small children, if they have children at all, they are grown. Also it could be said that most of them own their homes, and are spared the increase in real estate housing costs. 1 Quote Link to comment Share on other sites More sharing options...
Patrick Michael Posted October 17, 2023 Report Share Posted October 17, 2023 10 hours ago, Corduroy Frog said: Also it could be said that most of them own their homes, and are spared the increase in real estate housing costs. But, at least here in NY, property taxes rise every year by 3% to 4%! My home owners insurance went up over 20% last year. And, if I can get someone to come out to do repairs, the cost has risen dramatically. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted October 17, 2023 Report Share Posted October 17, 2023 The real funny thing about Social Security increases, is Medicare premiums go up and eats up the cost of living increase. Last year was an exception. I'm assuming Medicare costs will go up this year. 3 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted October 17, 2023 Report Share Posted October 17, 2023 Both main CPI calculations (W & U) are "chained" which results in a lower percentage increase. So when consumers switch to cheaper products because they can no longer afford what they used to buy, this becomes part of the calculation by swapping in cheaper goods for what we used to be able to buy. It's a death spiral of poverty, brought to you by the millionaires in congress and their wealthy owners. 3 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted October 17, 2023 Report Share Posted October 17, 2023 And don't forget self caused issues, such as shielding income from W2 reporting. Zero SS recipients who could have managed their finances to reach SS max contribution get any sympathy from me. I discuss this daily, "why are you hurting yourself and your family by even considering W2 "games" before your SS wages reach the SS max every year?" Of course, there are those who do not believe in SS (and should not complain at all), but for the majority who will claim, belief or not, no complaints are heard from me unless they are collecting at or near the max. My own grandmother collected for just shy of 50 years... and we have planned for our disabled daughter to do the same (SSDI when I get to FRA) for hopefully 40+, plus if I meet my demise early, I will have left my spouse in good SS shape - by not gaming "reasonable compensation". 4 Quote Link to comment Share on other sites More sharing options...
kathyc2 Posted October 17, 2023 Report Share Posted October 17, 2023 52 minutes ago, Abby Normal said: Both main CPI calculations (W & U) are "chained" which results in a lower percentage increase. So when consumers switch to cheaper products because they can no longer afford what they used to buy, this becomes part of the calculation by swapping in cheaper goods for what we used to be able to buy. It's a death spiral of poverty, brought to you by the millionaires in congress and their wealthy owners. There has been talk of moving COLA to chained cpi, but it hasn't passed. SS COLA is change of CPI-W (wage and clerical workers) from 3rd quarter prior year to 3rd quarter current year. The main difference between CPI-U and CPI-W is the weighted importance given to each category. For example W weighs food and energy higher than U and services (including medical) less than U. Quote Link to comment Share on other sites More sharing options...
kathyc2 Posted October 17, 2023 Report Share Posted October 17, 2023 1 hour ago, Terry D EA said: I'm assuming Medicare costs will go up this year. Base went up $9.80 from 164.90 to 174.70. 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted October 17, 2023 Report Share Posted October 17, 2023 34 minutes ago, kathyc2 said: There has been talk of moving COLA to chained cpi, but it hasn't passed. SS COLA is change of CPI-W (wage and clerical workers) from 3rd quarter prior year to 3rd quarter current year. The main difference between CPI-U and CPI-W is the weighted importance given to each category. For example W weighs food and energy higher than U and services (including medical) less than U. The CPI-U and CPI-W, on the other hand, are biennial chained price indexes where their expenditure weights are updated every two years, not monthly like C-CPI-U. So they are all chained, it's just a matter of frequency. https://www.bls.gov/cpi/additional-resources/chained-cpi-questions-and-answers.htm Quote Link to comment Share on other sites More sharing options...
kathyc2 Posted October 17, 2023 Report Share Posted October 17, 2023 2 hours ago, Abby Normal said: So they are all chained, it's just a matter of frequency. It's also a matter of degree how they substitute. If chained were used, 2022 COLA would have been 4.9% instead of 5.9%. 2023 would have been 8% rather than 8.7%. 2024 can't be calculated as the chained numbers are not final until a year later. No matter what gauge is used, people will complain. I'm guessing there are some that do so, but I've never personally seen a true pension that increases year after year. Which is better? A 3.2% increase or no increase? 1 Quote Link to comment Share on other sites More sharing options...
Sara EA Posted October 18, 2023 Report Share Posted October 18, 2023 Some government pensions (including teachers) have annual COLA adjustments. Some also reimburse Medicare costs. I don't think I've seen a private pension plan that does either. Quote Link to comment Share on other sites More sharing options...
Catherine Posted October 18, 2023 Report Share Posted October 18, 2023 The government giveth and the government taketh away; accursed be the name of the government! (with apologies to the Book of Job) 1 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted October 18, 2023 Report Share Posted October 18, 2023 We "are" the gubmint. It is a reflection on society. We like to send the same person to DC over and over, 'cause they can send back the most pork. 3 Quote Link to comment Share on other sites More sharing options...
Catherine Posted October 19, 2023 Report Share Posted October 19, 2023 20 hours ago, Medlin Software, Dennis said: We like to send the same person to DC over and over Too true. "They're all crooks except for my guy!" is the thought. Nope; my guy is a crook too. So is yours. 5 Quote Link to comment Share on other sites More sharing options...
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