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For those who may be interested, the COLA is presently sitting at 1.5%
230.084 CPI-W for July
230.359 CPI-W for August
Assuming CPI-W for September (I believe will be published October 15) remains at 230.359 then the scheduled COLA for 2014 will be 1.5%, compared to 1.7% for 2013.
In order to match COLA for 2013 at 1.7%, it would require CPI-W for September to be reported at ~231.750
To bump it to 1.6% requires September CPI-W to be 230.918
For history and a more in-depth explanation, see here...
I suppose it means we should get ready for the onslaught - the onslaught of people complaining about how the price of ________ (fill in the blank, usually with some food item which is subject to a lot of volatility) is more than the COLA. And then some more rational person tries to explain about volatility and how using a couple of examples doesn't give the big picture, etc. Every year it's the same old thing.
I look at this way, whatever the increase is it can help offset increases in some of my expenses which are expected next year. Auto tags are going up $10, rent increase of $10 a month, not to mention the increases in groceries etc. I am
happy to be given whatever amount it is. Better than nothing!
I'm grateful my country helps me because I cannot work. Honestly, I hope there is no COLA. Here is a reverse case of the itching you expect.
If I get X amount (say x=20) in COLA. My rent goes up $6-10, my SNAP goes down about $10-12. My Medication co-pay might go up slightly, but over the years I pay 90% less on the medications that keep me as functional as possible (Just because I have no job does not mean I do not work, or have goals. I'm not a couch potato). So I do not complain about paying for medication, and thank the USA for making it better for me.
I don't write this to prove myself, or justify my existence. I paid into the system, and I have no guilt. I was great at my profession. I write this to inform you how it works in the personal life of a person who does not abuse the system. I would love more (like all americans), but I don't expect it.
Because of my disability, sometimes my grammar is not what I'd like it to be. I have a hard time conveying my thoughts. In my head I am very clear (sometime too much). Sometimes I feel hated for drawing my insurance. I understand many people work, and have less security than I do. I would gladly exchange places with you. You can have the meds, I can have sanity, and purpose. Please don't come down on me, I have done nothing wrong.
Let me say again I am grateful. I live an acceptable life. I am educated, and I love to educate myself still. I pay my bills on time, and I have a 710 credit record. I'm creative in every area of my life with money, some people don't know I exist on $1000 a month.
It's great that you are doing OK and have learned to cut back enough not to need a COLA, but why would you hope there is no COLA? Receiving a COLA is not abusing the system, it just helps seniors keep up with cost increases, somewhat. Sure there are some who are abusing the system, and always will be, but on the other hand there are numerous folks out there who are not doing as well, simply due to residing in high cost areas, or higher medical bills due to poor health, etc.
Rent, food, MEDICARE, etc. will continue to increase, and eventually you'll need and want a COLA.
So instead of wishing for no COLA, just take the COLA and donate it to a local food bank to help folks who are really in need.
I agree. Every little bit helps to be able to enjoy life a little more in our senior years !
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