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Social Security Announces Cost of Living
Adjustment for 2023

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Posted By: Dreadnought, 10/13/2022 11:37:05 AM

The Social Security Administration announced on Thursday that the Cost of Living Adjustment (COLA) for 2023 will be 8.7%, the biggest increase in 40 years. Seniors will begin seeing the increase in January. The average increase in benefits will be $140, according to SSA. The 8.7% tops the 5.9% increase in 2022. At the time, that raise was the highest in 40 years as well. It’s not enough. The government announced today a much higher than expected inflation rate for September. Prices rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis. This guarantees further painful interest rate increases by the Federal Reserve

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Reply 1 - Posted by: snakeoil 10/13/2022 11:43:35 AM (No. 1303445)
And the Medicare fees will be raised to totally cancel this "raise."
45 people like this.

Reply 2 - Posted by: Califedup 10/13/2022 11:54:46 AM (No. 1303455)
Exactly #1- Our Communist Government gives on one hand, Social Security increase, and takes it all back with the other hand, Medicare Costs increases. Just demonstrates what absolute contempt the Communist Death Democrats have for us.
21 people like this.

Reply 3 - Posted by: Amanoftwistsandturns 10/13/2022 11:56:35 AM (No. 1303459)
Still not keeping place with Bidenflation and hastens the pace of Social Security Insolvency. Worst president ever.
23 people like this.

Reply 4 - Posted by: Rich323 10/13/2022 11:57:46 AM (No. 1303461)
I’m on SS but I say STOP the inflation or both SS/Medicare funds will expire even sooner. They want the funds to die, so they can reallocate an amount relative to your social credit score versus what you paid over your lifetime. Stop Inflation now!
12 people like this.

Reply 5 - Posted by: offrope 10/13/2022 12:07:03 PM (No. 1303473)
According to this article, the cost of Medicare Part B will decrease to $164.90.
12 people like this.

Reply 6 - Posted by: MOBeef4u 10/13/2022 12:14:13 PM (No. 1303483)
And for those of us who from our youth heeded the warning that SS was never meant to be our sole support in our old age and planned, saved and invested accordingly, all this means is that our SS will be taxed even more while, yes, making the fund even more insolvent. Thanks for nothing.
11 people like this.

Reply 7 - Posted by: tearza 10/13/2022 12:15:58 PM (No. 1303485)
If they really want to help the people on Social Security Eliminate the Federal Tax on Social Security. There was no Federal tax on Social Security until Bill Clinton sign it into law...
27 people like this.

Reply 8 - Posted by: Ida Lou Pino 10/13/2022 12:25:24 PM (No. 1303490)
My blood boils - - every year - - when I'm told what my Social Security "benefit" will be. Benefit? Benefit? They confiscated my money - - against my will - - for forty years. And now they're dribbling some of it back to me. And THAT'S a benefit? Lying commie bums. I couldn't possibly despise them more than I do.
34 people like this.

Reply 9 - Posted by: davew 10/13/2022 12:44:04 PM (No. 1303503)
The reason the Medicare cost is decreasing is the SSA 's decision to reduce the allocation to cover the Lilly Alzheimer's drug. The COLA will be break-even with other increases in fuel and food. Social Security is a promise made by the US Treasury to qualified retirees. The Treasury will have the Federal Reserve transfer whatever funds are needed to meet this promise including interest as long as the law is in effect. It is impossible for the US Treasury to go bankrupt since they are underwritten by the Federal Reserve Bank who can create whatever funds they need using a computer.
5 people like this.

Reply 10 - Posted by: 2assume 10/13/2022 12:51:55 PM (No. 1303514)
Whoopie I will still be eating cat food. That’s not enough to buy my vote.
7 people like this.

Reply 11 - Posted by: zephyrgirl 10/13/2022 1:06:10 PM (No. 1303528)
It isn't enough to repair the damage to my 401(k) and savings.
18 people like this.

Reply 12 - Posted by: red1066 10/13/2022 1:08:40 PM (No. 1303531)
Medicare Part B will decrease because they will no longer pay for an Altzimers medication which doesn't work.
7 people like this.

Reply 13 - Posted by: hershey 10/13/2022 1:57:08 PM (No. 1303577)
Wow, a whole $140 bucks....that will buy me, er, 35 gallons of gas, or 4.77 pounds of hamburger....never thought I'd be able to see $100 of groceries in two plastic bags....FJB and all his cronies...
11 people like this.

Reply 14 - Posted by: WV.Hillbilly 10/13/2022 2:13:18 PM (No. 1303583)
Just to make it insolvent faster.
4 people like this.

Reply 15 - Posted by: DVC 10/13/2022 2:56:40 PM (No. 1303613)
Worst inflation in 40 years. Dems are destroyers.
3 people like this.

Reply 16 - Posted by: sunshinehorses 10/13/2022 3:34:39 PM (No. 1303648)
Whoopee. A big $88/ mo. Not much of a help there. I worked from the time I was 15 y/o and paid into SS and even maxed out my contributions a few years. BUT I quit working when my hubby was seriously hurt in a construction accident to take care of him. I was 52. Because I seldom worked between the age of 52 and 62, I lost almost half of what my SS should have been. On top of that the deduction because I took SS early. Don't ask me how they cooked the numbers but they did.
1 person likes this.

Reply 17 - Posted by: stablemoney 10/13/2022 5:44:16 PM (No. 1303763)
They have taken 20% of our retirement investments, and are giving us $1,800 for recompense.
2 people like this.

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