Author Topic: No relief for seniors as big drop forecasted for Social Security COLA  (Read 1922 times)

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Online libertybele

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We owe taxes this year. Joy! Higher prices at the pump, grocery store, property tax, insurance, and federal taxes! The increase we got in '23 and now a whopping $59/mo is definitely not enough to pay what we owe on taxes.  Thanks Joe!

No relief for seniors as big drop forecasted for Social Security COLA


More seniors paying taxes on Social Security benefits


Seniors drawing Social Security benefits could see them increase by as much as 2.5%, trailing moderating inflation figures, according to one early estimate.

The Congressional Budget Office's (CBO) estimate of 2.5% comes just above the 1.75% cost of living adjustment (COLA) that the Senior Citizens League (TSCL) is forecasting for 2025. TSCL's COLA estimates fluctuate based on the most recent CPI data.

Beneficiaries saw an extra $59 monthly starting this January based on the 3.4% COLA for 2024. The adjustment is lower than in previous years because of moderating inflation. Recipients received increases of 8.7% for 2023 and 5.9% for 2022, which were the largest since the early 1980s because of record-high inflation. 

"This is the forecast based on data through January 2024 that was released today, and the final COLA for 2025 is likely to be different from the estimates because the COLA is calculated on the average rate of inflation during the third quarter, which is compared against the third quarter a year ago," TSCL stated. "In other words, there are another eight months of data to come in, and a lot could change."

https://www.foxbusiness.com/personal-finance/social-security-cola-drop-impact-inflation
« Last Edit: February 24, 2024, 04:07:54 pm by libertybele »
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline Smokin Joe

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #1 on: February 24, 2024, 09:56:34 pm »
So, just pull a few policies out of the hat that jack around with the third quarter numbers, and SS recipients get screwed.

Meanwhile $5,000+ debit cards along with other bennies are being handed out to illegal aliens, who got a free ride to wherever the administration and the taxpayer backed NGOs put them...
How God must weep at humans' folly! Stand fast! God knows what he is doing!
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Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

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Online libertybele

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #2 on: February 24, 2024, 10:01:22 pm »
So, just pull a few policies out of the hat that jack around with the third quarter numbers, and SS recipients get screwed.

Meanwhile $5,000+ debit cards along with other bennies are being handed out to illegal aliens, who got a free ride to wherever the administration and the taxpayer backed NGOs put them...

Nothing like the our gov't stirring the pot trying to create tension.  IMO they want a race war or an internal conflict. In brief, hold on to the 2A is all I can further say.
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Online mystery-ak

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #3 on: February 24, 2024, 10:01:51 pm »
Yeah...we owed taxes to. I'll send it off on April 15th.
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Online libertybele

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #4 on: February 24, 2024, 10:06:37 pm »
Yeah...we owed taxes to. I'll send it off on April 15th.

I thought the same thing; I'll wait till it's closer to the deadline before I fork over our money.
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline Hoodat

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #5 on: February 25, 2024, 11:17:01 pm »

More seniors paying taxes on Social Security benefits


Be sure to remind them that it was Democrats who began taxing Social Security benefits in 1993 without a single Republican vote.

If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Online libertybele

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Re: No relief for seniors as big drop forecasted for Social Security COLA
« Reply #6 on: February 25, 2024, 11:31:29 pm »
Be sure to remind them that it was Democrats who began taxing Social Security benefits in 1993 without a single Republican vote.



Good information
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.