Social Security COLA Update (federal, state, retired, raise)
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The inflation index (CPI-W) that is used for SocialSecurity and federal retirement COLAs was released this morning and showed a 1.1% increase in June, but it is still negative for the year (-2.1%) with three more months to go. Here is a link to a chart to show how it has changed on a month-to-month basis:
And in fact, if I had to bet my life savings on whether or not there will be a COLA next year, my money would be on "No."
True, but that would be a foolish bet. It is good that we don't have to bet! Economic predictions and CBO predictions are notoriously poor. Inflation has to come sometime after this mess, but it is anybody's guess whether it will be this year, next, or the year after that.
The latest figures came out this morning and CPI-W dropped by .2%. That pretty much guarantees that there will not be a Social Security COLA increase in January. The overall figure is now a negative 2.3% with only two more months to go.
Looks like I would have won the bet.
Here is a link to the updated chart to show how it has changed on a month-to-month basis:
I-BONDS would actually have a negative return at this point if there was such a thing, they are holding at zero per cent interest right now for alot of them....
madman lets get that crystal ball out and the 2 of us will really make some money ha ha ha
The government announced a few months back that there would be no SS Cola increases until 2012.
at a time when very good workers are making very minimal raises (if at all) or forced to take furloughs, i think that it is only fair that social security recipients share in the pain.
The government announced a few months back that there would be no SS Cola increases until 2012.
Not true.
You misunderstood what was stated at the time.
Those were merely budgetary projections made on the assumption that there would not be any inflation until then. However, if the CPI-W unexpectedly spiked, then there would, in fact, be a corresponding COLA for Social Security.
There are no votes to be taken or decisions to be made. Everything is automatic based on the Consumer Price Index.
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Economic predictions and CBO predictions are notoriously poor. Inflation has to come sometime after this mess, but it is anybody's guess whether it will be this year, next, or the year after that.
