Social Security increase to be announced on or about October 13 -- POSSIBLY about 9.6%! (pension, federal)

[katharsis]

https://www.forbes.com/sites/leonlab...h=7cdf2e4a67b4

QUOTE, from above link, my bold: "According to the Social Security Administration (SSA), the average monthly benefit as of July 2022 was $1,670.95. A 9.6% increase would bring that up $159. Recognize that the October COLA increase number is based on the prior three months of July, August, and September. If inflation goes up, the increase could be bigger, and vice versa. With July under our belt, the next two months will tell the tale. The Senior Citizen’s League estimates the increase will be announced October 13, 2022." [end quote]

Wow -- I am not "counting my chickens", but I thought the most that we could hope for would be about an 8% increase!

[brightdoglover]

What good news, thanks.

[TMSRetired]

Good but horrifying news at the same time.

[Disgustedman]

Originally Posted by katharsis

Wow -- I am not "counting my chickens", but I thought the most that we could hope for would be about an 8% increase!

Be warned, the government is seeing the recession coming and could just shaft us anyway.

[old fed]

9.6% of my pension would be a nice chunk of change. so would 8% for that matter

[recycled]

Originally Posted by TMSRetired

Good but horrifying news at the same time.

This sums it up - the increase would be great for SS recipients but a huge sign of serious economic problems and future federal debt burden.

[arr430]

And the best CD rate available is 3.6%, for us bottom-feeders. Helluva deal.

I remember, in Carter era, getting 14% for 5 years, doubled my money.

I bought a new '78 Dodge Colt for $4,000, replaced it with a '85 Corolla for $13,000.

[katharsis]

Originally Posted by arr430

And the best CD rate available is 3.6%, for us bottom-feeders. Helluva deal.

I remember, in Carter era, getting 14% for 5 years, doubled my money.

I bought a new '78 Dodge Colt for $4,000, replaced it with a '85 Corolla for $13,000.

Yes. I can remember those days very well. Certainly encouraged people to save.

At the rates today, I am thinking that it is better to spend money on non-perishables that you know that you will use and will increase with inflation.

I would love it if the savings interest rates would go up, but what I have discovered from Googling, than is not likely to happen.

[TMSRetired]

Originally Posted by arr430

And the best CD rate available is 3.6%, for us bottom-feeders. Helluva deal.

I remember, in Carter era, getting 14% for 5 years, doubled my money.

I bought a new '78 Dodge Colt for $4,000, replaced it with a '85 Corolla for $13,000.

Powell isn't Volcker.

I think the next rate increase will only be 75 basis points max.

[leadfoot4]

..........and Medicare and income tax increases will gobble up most of what any SS increase will be.