Your Social Security COLA increase could be bigger than expected next year

[mystery-ak]

 Published April 16, 2024 7:00am EDT
Your Social Security COLA increase could be bigger than expected next year
Social Security COLA estimate rises as inflation heats up again

By Megan Henney FOXBusiness


Social Security recipients are on track to receive a cost-of-living adjustment (COLA) next year that is bigger than previously expected after inflation accelerated for the third month in a row.

The Senior Citizens League, a nonpartisan group that focuses on issues relating to older Americans, estimated the adjustment could be about 3%, based on March inflation data, which showed the consumer price index climbed 0.4% from the previous month and is up 3.5% from the same time last year.

Both figures are higher than expected, underscoring the challenge of taming high inflation. 

The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September. The CPI-W also posted a 3.5% increase in March.

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https://www.foxbusiness.com/personal-finance/your-social-security-cola-increase-could-be-bigger-expected-next-year

[rustynail]

'Next year'?  We have to get there first.

[LMAO]

Why not

If we’re going to go down the path of fiscal ruin we might as well go all out

[AllThatJazzZ]

The COLA has been on the high side since Biden has been in office because the Cost Of Living has soared. In spite of those increases, the COLA never keeps up with the damage Bidenflation has done to our finances.

 

[Wingnut]

Should be 10%.  We got screwed on the current COLA that started in Jan.  F'ing Bidenomics is Squints McBiden's way of killing the middle class. 

[DefiantMassRINO]

Does this mean the Social Security "Trust Fund" will go bankrupt sooner?

[Wingnut]

Does this mean the Social Security "Trust Fund" will go bankrupt sooner?

Nah.  All these "new arrivals" will pay into SS and fund it for a hundred more years.

 
 

[Cyber Liberty]

'Next year'?  We have to get there first.

Yup.

[libertybele]

Why not

If we’re going to go down the path of fiscal ruin we might as well go all out

If you object to receiving SS and an increase, you can send it our way. 

Thanks ahead of time. 

[libertybele]

Nah.  All these "new arrivals" will pay into SS and fund it for a hundred more years.

 

 

[GtHawk]

Nah.  All these "new arrivals" will pay into SS and fund it for a hundred more years.

 

Do I detect a skosh of sarcasm in your response

[DefiantMassRINO]

They could have had more American workers paying into SS if they hadn't offshored so many jobs.

[banddag]

They could have had more American workers paying into SS if they hadn't offshored so many jobs.

Anyone who is without a job over the last 20 years just does not want to work. I pass help wanted signs every single day-high paying jobs. Gas field, skilled blue collar, health care and I live in a moderate growth area.
The jobs Hispanics took were jobs 99% of Americans would never do.  Field work, landscaping, meatpacking,  restaurant help such as dushwashers and busboys.   

[banddag]

Nah.  All these "new arrivals" will pay into SS and fund it for a hundred more years.

Actually they will.  The real reason neither the dems or republicans are not doing anything is our society would collapse without new younger workers. Our native born birthrate is below replacement level.

Look at Japan and Europe..selling homes for a $1 .   11 million empty homes in Japan.

We do need to build a wall and vet these folks but Trump will never stop the flow..maybe some.

[LMAO]

If you object to receiving SS and an increase, you can send it our way. 

Thanks ahead of time. 

How do you think they’re gonna pay for that increase? Hint: More borrowing and printing

[libertybele]

Actually they won't be paying into SS. Are you kidding me?  They are NOT authorized to work in the U.S., and in order to pay into SS they would have to fill out a W-4 with their social security number which if they are ILLEGAL they will not have one unless they've stolen an identity. There are laws against employers who hire ILLEGALS because they are NOT paying taxes!

IF amnesty is granted, then of course they become citizens and IF they work, they would pay taxes -- that hasn't occurred yet.

Not enough $$ for SS? If they would stop taking funds out of the program to support ILLEGALS it wouldn't present a problem.

Let's see -- COVID was aimed to kill off seniors as they were they most vulnerable class -- get rid of enough of them and voila, the won't be needing SS -- just my opinion.

[LMAO]

A lot of this is because people are living longer and on the system longer. And there are a few younger workers to pay for it

There is going to be privatization  or at least partial privatization of Social Security sometime in the future. It is simply unsustainable

[DCPatriot]

A lot of this is because people are living longer and on the system longer. And there are a few younger workers to pay for it

There is going to be privatization  or at least partial privatization of Social Security sometime in the future. It is simply unsustainable

Stopped at a Krispy Kreme donut outlet this morning to squelch my "Sugar Jones"...ordered TWO donuts. Cream filled and custard filled...both topped with chocolate.

Young girl says, "That will be $4.94".

Like the commercial, I say: "No, I only want 2 total...not 2 of each!"

She laughed...I laughed.(on the outside)

[libertybele]

How do you think they’re gonna pay for that increase? Hint: More borrowing and printing

Raise the retirement age, increase the SS deduction and quit taking from SS to pay for other obligations.

[AllThatJazzZ]

Let's see -- COVID was aimed to kill off seniors as they were they most vulnerable class -- get rid of enough of them and voila, the won't be needing SS -- just my opinion.

And if they couldn't kill us with the virus, they knew they had a good chance with the jab.

[libertybele]

And if they couldn't kill us with the virus, they knew they had a good chance with the jab.

Exactly. I was encouraged to get the jab as I was very high risk.  Nope, I took my chances as I wasn't going to inject some hurried vaccine into my body that my body likely wouldn't be able to fight. 

[banddag]

Actually they won't be paying into SS. Are you kidding me?  They are NOT authorized to work in the U.S., and in order to pay into SS they would have to fill out a W-4 with their social security number which if they are ILLEGAL they will not have one unless they've stolen an identity. There are laws against employers who hire ILLEGALS because they are NOT paying taxes!

Illegals who get a work permit and get a job in the US do pay into SS. Undocumented immigrants pay into the Social Security system using an Individual Taxpayer Identification Number (ITIN), which is issued by the Internal Revenue Service (IRS) to individuals who are not eligible for a Social Security number but who have tax obligations in the United States.

[AllThatJazzZ]

Exactly. I was encouraged to get the jab as I was very high risk.  Nope, I took my chances as I wasn't going to inject some hurried vaccine into my body that my body likely wouldn't be able to fight.

@libertybele

Unfortunately, I trusted my doctor. She took it as well. Wish I could turn back the clock, but 

[libertybele]

@libertybele

Unfortunately, I trusted my doctor. She took it as well. Wish I could turn back the clock, but 

Over the years for various reasons, I have become very leery of medical professionals and find that they are even less trustworthy.  No you can't turn back the clock and it is shameful what has happened to you and millions.  For that matter all of us were victims in one way or another.

[AllThatJazzZ]

Over the years for various reasons, I have become very leery of medical professionals and find that they are even less trustworthy.  No you can't turn back the clock and it is shameful what has happened to you and millions.  For that matter all of us were victims in one way or another.

@libertybele

I hear you. Same for me. Just about the time I realized that the healthcare industry was failing us big time, this book, written by a doctor who did a 180 in his practice, caught my eye. My doctor doesn't agree with his approach to good health, but since Big Pharma, Big Food and Big Medicine don't benefit from his approach, I'm all ears.