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I am a council member in my city and we are in the process of generating the 2023-2024 city budget, (our fiscal year starts in October and runs until the end of the following September). Part of the budget process is determining how much COL and merit increase to give city employees. To help determine that amount, our city administrator polls adjacent cities as well as contacting the Social Security Administration.
This is a very preliminary figure, but the SSA said the early indication is they expect to award an approximately 5% COL for 2024. It could certainly be different, but that is the early amount.
I am a council member in my city and we are in the process of generating the 2023-2024 city budget, (our fiscal year starts in October and runs until the end of the following September). Part of the budget process is determining how much COL and merit increase to give city employees. To help determine that amount, our city administrator polls adjacent cities as well as contacting the Social Security Administration.
This is a very preliminary figure, but the SSA said the early indication is they expect to award an approximately 5% COL for 2024. It could certainly be different, but that is the early amount.
5% sounds like an overly optimistic estimate. I would be very happy with 5%.
From what I have read somewhere between 2.7% and 3.5% is the anticipated COLA. I guess if inflation remains sticky you could hope for 4% but 5% seems much too good to be true
Btw, to those who haven't already done so, the list on the link is VERY interesting. I particularly found it interesting that the price of eggs was listed at about $4.21, but in the supermarket I shop, they have gone down to about $1.50 in the just the past month.
Don't get too excited. It is very likely that Medicare Part B costs will soar because of the new, minimally effective and potentially dangerous amyloid busting Alzheimer's drug. If approved, you can thank the Alzheimer's Association for that.
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