Carl the Engineer Posted July 26, 2022 Share Posted July 26, 2022 https://www.fool.com/investing/2022/07/23/social-security-checks-should-soar-in-2023/ Can only hope, 11.4% would be nice, Carl Don't morgage the farm just yet! Vync 1 Link to comment Share on other sites More sharing options...
0 Founder Tbird Posted July 26, 2022 Founder Share Posted July 26, 2022 From their mouth to Gods ear, I hope. Quote Barrons predicts "If inflation cools in the third quarter, the COLA could be 9.8%, The Senior Citizens League projected. If it heats up even more, the bump could be 11.4%. The inflation adjustment will be applied to benefits starting in January 2023. The last time the COLA rose by double digits was in 1981, when Social Security recipients got an 11.2% raise." Quote From the article The Senior Citizens League has warned that the change could have some unwelcome consequences for beneficiaries, such as subjecting more of their benefits to federal income taxes. If you file taxes as an individual, you may have to pay taxes on part of your Social Security benefits if your combined income exceeds $25,000. For joint filers, the threshold is a combined income of $32,000. Combined income includes adjusted gross income, tax-exempt interest income, and half of your Social Security benefits. Many Medicare beneficiaries have their Part B premiums deducted directly from their Social Security checks. This year, the Part B premium rose by 14.5%, one of the biggest increases in program history. Experts are predicting another large increase for next year, which will reduce the amount of money recipients receive in their COLA (cost-of-living adjustment). Link to comment Share on other sites More sharing options...
0 x020574 Posted July 26, 2022 Share Posted July 26, 2022 14 hours ago, Tbird said: From their mouth to Gods ear, I hope. Link to comment Share on other sites More sharing options...
0 x020574 Posted July 26, 2022 Share Posted July 26, 2022 Real smooth operators aren't they? Link to comment Share on other sites More sharing options...
0 HadIt.com Elder john999 Posted July 26, 2022 HadIt.com Elder Share Posted July 26, 2022 They won't raise the cola more than official rate of inflation and probably much less. You just can't win in the inflation game. My costs have gone way up and not just gas and groceries. Everything has gone up including all my insurance premiums, utilities and even NetFlix. Housing costs in Florida where I live are out of sight. Link to comment Share on other sites More sharing options...
0 MilvetHD Posted July 27, 2022 Share Posted July 27, 2022 I'm not one to celebrate this possibility because of what it means for those who rely exclusively on fixed incomes. Link to comment Share on other sites More sharing options...
0 El Train Posted July 27, 2022 Share Posted July 27, 2022 It's a double edge sword regardless. Politicians think raising minimum wage helps people afford rent. Unfortunately rent goes up, food costs go up, fuel prices goes up, etc. So what's gained? Same with property taxes on landlords. Passed on to the tenants. Fuel prices raise the cost of everything. Passed on to the customers. It sucks, but when you have politicians who know nothing about how a business runs, how to balance a budget, or keep costs in check, we all pay. And it sure doesn't help businesses look good when their CEO's are making millions on the backs of their own workers. Running a small biz myself, some of my high earners make more money than me. Link to comment Share on other sites More sharing options...
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Carl the Engineer
https://www.fool.com/investing/2022/07/23/social-security-checks-should-soar-in-2023/
Can only hope, 11.4% would be nice,
Carl
Don't morgage the farm just yet!
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Vync
@Carl BaconUnrelated, but for what it's worth, when I read the title of this topic "Wild COLA Prediction", first thing I thought of was Jolt Cola, which was pretty wild back in the day. Apparently, th
broncovet
My opinion is that Cola is mostly "smoke and mirrors". Its almost a certainty, that, what ever Cola we wind up with, will be less than our actual increases in products we buy. Its been that way for
Carl the Engineer
https://www.fool.com/investing/2022/07/23/social-security-checks-should-soar-in-2023/ Can only hope, 11.4% would be nice, Carl Don't morgage the farm just yet!
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