Social Security Cost of Living Increase!?

[LDUBS]

Got an email from SSN saying there will be a 2.5% COLA increase -- at least for many. I guess every little bit helps. Won't know exactly how much, if any, until early December I guess.

 

[Kenneth Mixson]

Too bad it can't keep up with the cost of inflation.

 

[GTS225]

Ummmmm.....since when did the SSA start talking through emails? I'm pretty sure they told me/us in previous mailings that they will never converse with an email.

Roger

 

[LDUBS]

They will send notifications, not account info, via email. I think I did sign up for email notices.

 

[Ray Clark]

They will send notifications, not account info, via email. I think I did sign up for email notices.

True.

When I receive e-mails from any place (Soc Security, VA, banks) I NEVER use any included links in the e-mails to go see what the e-mail is notifying me about. I always open a new tab and log in with however I have that account set up.

 

[overboard]

Got an email from SSN saying there will be a 2.5% COLA increase -- at least for many. I guess every little bit helps. Won't know exactly how much, if any, until early December I guess.

WOO WOO!
Like you said, every "LITTLE BIT" helps, guess the new house, the new boat, and the new car is going to have to wait a while! LOL!

 

[flatheadsteve]

Va disability/ retirement pay increased the same 2.5%. Sure seems like prices have gone up more than that but something is better than nothing.

 

[airshot]

It is called government math....they use whatever numbers they need to get the outcome they want ! Unfortunately there are enough people that fall for their tactics that they keep voting the same folks back in. The folks on welfare and medicaid probably get more, that is where the rest of our raise went to...

 

[LDUBS]

As I understand it, the cola adjustment is calculated based on recent CPI data.

Haven't you all heard inflation is down? Problem is the current inflation rate has nothing to do with our current high prices for just about everything. Politicians forget to clarify that when they tout how well they have handled inflation.

 

[David Atkins]

Got an email from SSN saying there will be a 2.5% COLA increase -- at least for many. I guess every little bit helps. Won't know exactly how much, if any, until early December I guess.

If you got your letter as I did, look at the increase for the part '"B" coverage premium - it went up to the exact amount of the 2.5% COLA increase so you really get no extra money in your check each month!

The Consumer Price Index showed prices increased 3.2 percent between February 2023 and February 2024, according to the Bureau of Labor Statistics. This was a huge drop though from the 9.1 percent peak in June 2022.

What we need is another 4 years of the Democrats raising the cost of living so they can afford to live better!

 

[David Atkins]

Va disability/ retirement pay increased the same 2.5%. Sure seems like prices have gone up more than that but something is better than nothing.

You get nothing, they went up on the part ''B" premium and took back the 2.5% COLA increase!

 

[LDUBS]

If you got your letter as I did, look at the increase for the part '"B" coverage premium - it went up to the exact amount of the 2.5% COLA increase so you really get no extra money in your check each month!

The Consumer Price Index showed prices increased 3.2 percent between February 2023 and February 2024, according to the Bureau of Labor Statistics. This was a huge drop though from the 9.1 percent peak in June 2022.

What we need is another 4 years of the Democrats raising the cost of living so they can afford to live better!

I was wondering about the part B premium changes (haven't received that info yet). Thanks for sharing. They giveth and they taketh (mostly taketh).

 

[overboard]

I remember reading that inflation is actually based on WAGE increases and not price increases, that would actually make sense since prices across the board are up way more than the small increases given to SS recipients.

 

[LDUBS]

I remember reading that inflation is actually based on WAGE increases and not price increases, that would actually make sense since prices across the board are up way more than the small increases given to SS recipients.

It appears the CPI index used for SSN COLA adjustments is based on prices but only prices paid by those with household incomes mostly from hourly wages, and living in urban areas. Maybe that is where the wage part comes up. I would have never known this in a million years except I just was looking at how they determine the SSN COLA. Additionally, the CPI they use is for the most recent quarter. I suspect the process is legislated.