Federal retirement to be boosted 8.7% (premium, cost, administration, Libertarians)

[johnsonkk]

Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.

https://federalnewsnetwork.com/retir...over-40-years/

The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.

[johnsonkk]

Here is the presser for Social Security Admin also raising 8.7% in 2023. All the other federal agencies will follow similar suit and give out the largest raise in over 40 years.

https://www.ssa.gov/news/press/releases/2022/#10-2022-2

Fact sheet here too. Helpful that it shows all the amounts and variables.
https://www.ssa.gov/news/press/facts...afacts2023.pdf

[tinytrump]

Originally Posted by johnsonkk

Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.

https://federalnewsnetwork.com/retir...over-40-years/

The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.

Yippee!! That and SS will be niceee

[Goodnight]

Socialists!

I hope the libertarians turn down the raise.

[erieguy]

Originally Posted by Goodnight

Socialists!

I hope the libertarians turn down the raise.

Lol. You must be unaware that working folks paid into what they’re getting. Working folks deserve and know this.

[AfriqueNY]

I know my parents are thrilled. That's a decent raise.

[natalie469]

Originally Posted by AfriqueNY

I know my parents are thrilled. That's a decent raise.

Yes. And your parents deserve this.

[Mad_Jasper]

If $140 a month is life-changing, you failed at retirement.

[erieguy]

Originally Posted by Mad_Jasper

If $140 a month is life-changing, you failed at retirement.

Truth…especially with what Sleepy Joe has cost folks with Bidenflation. It’s even less of a dent.

[Travelassie]

Originally Posted by johnsonkk

Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.

https://federalnewsnetwork.com/retir...over-40-years/

The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.

I'd imagine there will be a corresponding significant bump up in the Medicare premiums to match those COLA adjustments. .