Cola Watch estimates for 2021 Cola

[broncovet]

According to this, we are looking at "about" 1.3 percent Cola, but   It could be better, or worse!    However, most noticed food prices went up  in the past few months.  I am gonna guess 1.5 percent or better.  My guess only.   

https://militarybenefits.info/cola-increase-watch/

[GBArmy]

Broncovet I'd take your estimate. Heck, I'd take any increase over 0%! We should be getting a firmer estimate from the Feds sometime next month for sure.

 

[broncovet]

I think many (retirees) dont get the significance of COLA.  I would explain it like this.  

If you had a swimming pool, and were trying to fill it with water, you could put a hose or two in there, and fill it in a few days.  However, if you didnt stop the "pool drain", then it could take a very long time, with water both going in and out. 

Back to our retirement, we have inflation every year (or more often), and then we have Cola.  To the extent inflation exceeds our Cola, we "lose" money (in real value) each year.  

We often dont notice it every year, but, if you look at real old people, say, 90 or above, often their social security is crazy low.  I think my father's was about 300 per month.  It went up, but was still only about 500 when he died.  

Many people, when they retire, think: "Wow, I will be fine.  My social security is 1400 per month and that is PLENTY."

....Then inflation goes on a few years, and what seemed like "plenty" now feels like "poverty", and that is because Cola did not keep up with inflation.  

     My brother once said it well:

"Figure up how much you need for retirment".  Then, multiply it times 10, and you will be about right.  

[Marine Corp 69/70]

The first check given out was January 31 1940 was for $22.54, in 2020 for someone at full retirement age the maximum amount is $3011. Starting Dec 2021 compute the COLA using a chained version of the consumer price index for wage and salary workers (CPI-W). We estimate this new computation will reduce the annual COLA by about 0.3 percentage point, on average. (Long Range Solvency Provisions - Social Security). All do to the (D) and (R) of the government doing (IOU) on Social Security and never paying the (IOU) back. And that is why Social Security is (BROKE) again the little working person get screw again and again just like the veteran does by the (GOVERNMENT).

[Buck52]

I wish they would pass a law as to let all ssa retirees and ALL service connected disable veterans get a 50% discount on everything they have to  BUY like  buy clothes ,cars ,grocery's, medical bills and increase their monthly check by 50%  we all might could make it better then,,, we are actually struggling to make ends meet on SSA and VA.

HOUSE PAYMENTS AND CAR PAYMENTS ARE THE BIGGIE  WE CAN BUY USED CLOTHES AT GOODWILL STORES BUT GETTING TO BUY NEW CLOTHES WOULD BE  EVEN NICER  AND HAVING TO WATCH OUR BUDGET BUYNG GROCERY'S

[GBArmy]

Congress just passed the 2021 bill for COLA for the president to sign off on today (Thursday). So far it is unclear exactly how much the increase might be, but early estimates suggest anywhere from 1.1% to 1.3%. The increase is set to into effect 12-1-20. Sould know sometime late this month or early next. I'll take it!