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ER, the maximum if taken at age 70 is a lot more than that also it is compounded, over the years that becomes a chunk of change especially for a couple each with a SS benefit.
My wife got her letter advising there would be a 2.8% COLA increase in her state teacher/administrator's pension. That one usually runs about a full-percentage point ahead of the SS COLA.
For anyone the longer u wait to claim benefits the greater the yearly and compounded increase. A combined benefit of 50k with an annual 1.65% COLA compounded is $54,263 after five years. If you have a pension or pensions the combined COLA impacts over time can be considerable.
My wife got her letter advising there would be a 2.8% COLA increase in her state teacher/administrator's pension. That one usually runs about a full-percentage point ahead of the SS COLA.
Great for her the combined increases for you guys can add up quickly.
Wow, I criticize the author of a blog and you get all butthurt and then post a couple of other links trying to prove some point. Ironically, in so doing, all you've done is demonstrate that you don't understand any of what you've linked to. Let's take the FedSmith link as an example. In that article, the author notes that the CPI-W at that point in time indicated that 1.69% had been earned toward the 2015 COLA. However, what you failed to notice was that the article was from June 22, not the July 22 date of the link in your original OP. Consequently, the FedSmith article did not include the next month's CPI figure. And guess what? The CPI-W increase for June (released in July) was exactly .21%.
How's your arithmetic skills these days highcotten? According to mine, 1.69% + .21% = ...now wait for it... 1.9%! What an amazing coincidence!! That just happens to be the exact figure that I noted in my response to your OP!
I hope you find this latest post of mine as brilliant as you found my first one. I also trust that this little discussion has been enlightening for you.
Actually more and more studies are showing retirees as they age do not need as much inflation adjusting as we think.
It isn't that retirees don't buy things that went up ,it is they buy less things as they age. The drop in spending seems to offset the increases from inflation.
The numbers are showing based on the 3% average about 2% is needed in the early years then zero seems to work from 75-85,then about 1% as medical costs,gifting and charity ramp up.
The colas may really be much ado about nothing over the longer term as spending drops will offset most of what inflation increases.
Actually more and more studies are showing retirees as they age do not need as much inflation adjusting as we think. It isn't that retirees don't buy things that went up ,it is they buy less things as they age. The drop in spending seems to offset the increases from inflation. The numbers are showing based on the 3% average about 2% is needed in the early years then zero seems to work from 75-85,then about 1% as medical costs,gifting and charity ramp up. The colas may really be much ado about nothing over the longer term as spending drops will offset most of what inflation increases.
While it isn't an official index, BLS produces and periodically publishes the CPI-E (Consumer Price Index for the Elderly). Among other things, CPI-E reflects the higher weights for housing and health care that senior spending involves. From its start point in 1984 through 2007, CPI-E ran on the same track as, but about 0.2% per year above the CPI-U. With the credit crisis and resulting collapse in asset (e.g., housing) markets, CPI-E ran about the same amount per year below the CPI-U between 2007 and 2012. Housing prices have been rising more recently and are expected to continue doing so. CPI-E has crossed back over to running in excess of CPI-U, and is expected to continue doing so. Seniors in general spend more of their income than others do on things with tendencies toward higher than average price increases.
Wow, I criticize the author of a blog and you get all butthurt and then post a couple of other links trying to prove some point. Ironically, in so doing, all you've done is demonstrate that you don't understand any of what you've linked to. Let's take the FedSmith link as an example. In that article, the author notes that the CPI-W at that point in time indicated that 1.69% had been earned toward the 2015 COLA. However, what you failed to notice was that the article was from June 22, not the July 22 date of the link in your original OP. Consequently, the FedSmith article did not include the next month's CPI figure. And guess what? The CPI-W increase for June (released in July) was exactly .21%.
How's your arithmetic skills these days highcotten? According to mine, 1.69% + .21% = ...now wait for it... 1.9%! What an amazing coincidence!! That just happens to be the exact figure that I noted in my response to your OP!
I hope you find this latest post of mine as brilliant as you found my first one. I also trust that this little discussion has been enlightening for you.
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Quote:
Originally Posted by MadManofBethesda
Just because you find something on the Internet, that doesn't mean the information is correct.
Quote:
Originally Posted by highcotton
MadManofBethesda - you are clearly a brillant human-being to have come up with your comment [about the Internet].
MadManofBethesda - I believe you totally misunderstood my message!
While it isn't an official index, BLS produces and periodically publishes the CPI-E (Consumer Price Index for the Elderly). Among other things, CPI-E reflects the higher weights for housing and health care that senior spending involves. From its start point in 1984 through 2007, CPI-E ran on the same track as, but about 0.2% per year above the CPI-U. With the credit crisis and resulting collapse in asset (e.g., housing) markets, CPI-E ran about the same amount per year below the CPI-U between 2007 and 2012. Housing prices have been rising more recently and are expected to continue doing so. CPI-E has crossed back over to running in excess of CPI-U, and is expected to continue doing so. Seniors in general spend more of their income than others do on things with tendencies toward higher than average price increases.
Wouldn't surprise me. Discretionary income for adult usage is often spent on things that are inflation sensitive. If seniors have more discretionary income compared to child rearing years yup. What often gets forgotten is that by the time we retire we are usually able to focus on us the adults and our discretionary wants.
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