Social Security COL raise.

[stevej37]

Email notices went out this am of the 8.7% cost of living raise starting in 2023.
The notice also shows what the final amount is after deductions.

Mine works out to $170/month additional deposit.
I'm happy with that, it should cover my monthly gasoline costs.

[KFC911]

I've only been drawing for a few months .... I'm going to be expecting a nice raise semi-annually now !

Prolly going to Walmart on Black Friday and blow it all on Stax, Pastachios, and burnt ends dip ... Before the Sexy Saturday mob clears the shelves .

[stevej37]

^^^ I would...but the additional amount won't arrive until the middle of Jan.
Maybe I can get a loan to tide me over.

[CurtEgerer]

8.7% is a joke that is completely swallowed up by real-world inflation. 10-11% might have been enough to break even.

[jcommin]

Looking forward to it. Still working but drawing SS. It's going into savings.

[KFC911]

^^^^ I never thought I would receive a penny in SS all those years I was paying into it. It's all gravy $$$ .... now extra gravy.

I'm getting a credit card and heading to Walmart towards the health food aisle with two carts. Gonna help some ladies lose weight !

[stevej37]

Originally Posted by CurtEgerer

8.7% is a joke that is completely swallowed up by real-world inflation. 10-11% might have been enough to break even.

Comparing it to past years...I think it's very good.
I've been drawing for 5 years now and there wasn't any col raise the first 3 of those.
I seem to remember last years only being 3%?

[KFC911]

I just checked my email..... they forgot about me! Just curious... Will the increase show up in Jan (since that is the payment for Dec) or Feb? I would think Feb....

[stevej37]

^^^ After I posted, I wondered if they sent the numbers out to everyone.
If you started an account at ssa.gov.....you should have received an email.

As far as when it will show up....I think it's Jan.

[jcommin]

I just went on the SSA web site - The increase is posted as well as increases in Part D.

Nice raise - certainly better than the 2%- 3% annual raise from my employer..

[KFC911]

I did it all via the web site... Mebbe the emails are staggered based upon your payment week? No biggie .... mine is the 2nd Wed of each month.

Edited.... Cha-ching . Went to the site, and it shows that my Dec payment reflects the COLA increase.... that just seems wrong, but I'll take it

[stevej37]

^^^ Jim
Did you receive an email last night?

[stevej37]

Originally Posted by KC911

I did it all via the web site... Mebbe the emails are staggered based upon your payment week? No biggie .... mine is the 2nd Wed of each month.

That's when mine shows up also.

[Rick Lee]

I deal with the SS demographic, most of whom don't have a dime more income than their SS. Plenty of them had never heard about the COLA increase for 2023. Mind you, they manage their money so poorly, they'll probably never notice it and still be broke a week after their deposit hits.

[flatbutt]

Originally Posted by KC911

^^^^ I never thought I would receive a penny in SS all those years I was paying into it. It's all gravy $$$ .... now extra gravy.

Same here. The thought that I wouldn't have SS to count on prompted me to plan way ahead of time so that I wouldn't be eating PBJ every day in my "golden" years.

[jcommin]

Originally Posted by stevej37

^^^ Jim
Did you receive an email last night?

No, I didn't. I went on the SSA site after reading this post. My check comes in around the 11th of the month. The increase starts in January's check. It is a nice increase.

[Sooner or later]

Up 270 to 3375 before medicare deduction.

[stevej37]

Originally Posted by flatbutt

Same here. The thought that I wouldn't have SS to count on prompted me to plan way ahead of time so that I wouldn't be eating PBJ every day in my "golden" years.

I'm starting to get tired of Stax and Burnt Ends Sandwiches.
Thinking of raiding the turtle bowl...they get freeze dried shrimp.

[Baz]

In October 2022, the Social Security Administration (SSA) announced an 8.7% increase in monthly benefits for recipients of Social Security and Supplemental Security Income (SSI).

The SSA says the 8.7% cost-of-living adjustment (COLA) will take effect with benefits payable to Social Security beneficiaries in January 2023. Increased payments to SSI beneficiaries start at the end of December 2022.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” Social Security Administration Acting Commissioner Kilolo Kijakazi said in a news release. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”

https://clark.com/personal-finance-credit/investing-retirement/social-security-cost-of-living-adjustment/

[flatbutt]

I just checked my account and saw no notice of a COLA but the last notice didn't reach my in box until December.