Will there be a Cost of living raise

[samplegirl]

SS in January???

[Wounded Bear]

1. Heard some reports it might be the biggest in many years...

Here's hoping!

[samplegirl]

2. God I hope!

When will know? In October?

[SheltieLover]

4. I believe i n Oct.

Sadly, it won't be the near 100% rise in food costs.

[Elessar Zappa]

15. Food prices have gone up 12.2% this past year.

https://fortune.com/2022/07/23/how-much-grocery-prices-have-gone-up-with-inflation/#:~:text=In%20fact%2C%20food%20prices%20have,%2C%20prices%20rose%20by%201%25.

[Wounded Bear]

5. Probably. I believe they base it on inflation from June-Aug or Sept...

Maybe as late as November.

[AndyS]

17. Third quarter, July through September. nt

[samplegirl]

3. The largest in 40 years

is what they say.

[unc70]

6. Estimates of 8% to 10%

[MarineCombatEngineer]

7. Here.

https://www.cnet.com/personal-finance/social-security-checks-could-increase-180-a-month-next-year-heres-what-the-experts-say/

Record Increase Expected for Social Security Checks Next Year. Here's How Much You Could Receive
This year, beneficiaries already received the biggest boost to their checks in nearly four decades.

In 2022, Social Security recipients saw the biggest boost to their checks in nearly four decades, thanks to an increase in the cost of living adjustment, or COLA, to address rampant inflation.

In January, payments rose by 5.9%, working out to about $93 more a month for the average recipient.

For the nearly 70 million Americans who receive Social Security, next year's increase will likely be even bigger -- between $130 and $180 more a month, according to the Committee for a Responsible Federal Budget, a nonpartisan think thank.

Hope this helps.

[samplegirl]

8. But you have to already be

collecting to get this?

[MarineCombatEngineer]

10. Not necessarily,

if you're going to start claiming SS in 2023, you will get the same amount as those that are already collecting, it applies to all who are eligible for SS.

[Yonnie3]

13. They don't mention Medicare premiums in that article

I've seen news stories that say 2022 Medicare part B premiums were too high and will result in a decrease in 2023. That would increase the net SS recipients would receive in their payments.


https://www.gobankingrates.com/saving-money/health/medicare-part-b-premiums-could-be-lower-in-2023-heres-why/

[MarineCombatEngineer]

14. I confess that I don't know much about Medicare or Social Security,

I'm retired Military so my retirement benefits are different, I don't receive Medicare or SS, I receive Tricare.

My Military retirement COLA is going to be a moderate increase.

[samplegirl]

16. Thank you

[snowybirdie]

9. Yes

Read last week it would be large.

[Meadowoak]

11. The average SS increase will be $165 per month, that is based on

The average benefit of $1669. Bringing the average benefit to $1834.

[Victor_c3]

12. The same rate of increase also applies to other federal benefits

Such as disability one might collect from the VA and FERS (federal employee retirement system).

An 8-10% boost across the board would be a huge deal.

October is when it would be officially announced.