Posted on 12/19/2022 10:20:11 AM PST by NeverCheney
If you receive Social Security benefits, there's an important letter coming to you in the mail this month. The Social Security Administration is sending out letters throughout December with information on beneficiaries' cost of living adjustment coming in January. Don't throw out the letter and don't lose it. You may need it for a number of reasons, including proof of benefit amount when applying for loans or energy assistance. So keep that letter in a safe place.
The letter notifies beneficiaries of their new 2023 benefit amount, according to the SSA, which will increase by 8.7% in January. Those who receive Supplemental Security Income will get their first COLA payment in December. About 65 million Americans will see this check increase in 2023, the SSA said.
(Excerpt) Read more at cnet.com ...
Get an 8.7% “raise,” but, even with that “raise,” you fall behind 10% in purchasing power.
Politicians printing $5 trillion out of thin air for a fake crisis has consequences.
My mother is so excited about her “increase”. I tried to explain that she is actually losing purchasing power overall, but all she sees is the “extra” amount it will mean per month. You would think she won the lottery, the way she acts about it.
Wanted to pull my hair out because I knew deep down this feeling is being shared by millions of gullible seniors like her.
She’d be losing even more purchasing power without the “raise”.
Factual. However, it shouldn’t be something to be excited about and thinking the Democrats have her back.
“Get an 8.7% “raise,” but, even with that “raise,” you fall behind 10% in purchasing power.”
Don’t forget Medicare taking out more as well.
> Don’t forget Medicare taking out more as well.
Actually this year Medicare Part B will take out a few dollars less then last year.
Probably closer to 17%.
“ thinking the Democrats have her back.”
Dems are able to capitalize because Republicans - except for Trump - are always calling for cutting Social Security. Do Dems pay them under the table to take this position, because it helps the Dems at the polls. If GOP was also calling for cuts in foreign aid and foreign wars, maybe their Social Security policies would have credibility. But as it is, the coke across as favoring foreign countries - and the military industrial complex - over Americans
All said
I’d rather have My Country Back!
Worse than that.
Our Medicare supplement plans went up 8% and our Part D (worthless) drug plan went up. Part B deductible went up.
Leftover is a couple of lunches at Penn Station. That’s IF there was no inflation anywhere else.
Tell her the Medicare Part B cost will decrease for the first time in 40 years.
She’ll be ecstatic................
Ditto that!
Numbers reported last week said inflation was 13.2% for 2022 so far.
13.2 % inflation thru Nov 2022 VS COL raise —66% of inflation recovered in COL raise.
Your benefit statement is available on the SS website, you can print it out anytime.
I'm sure the govt is counting on throwing any of us into a new tax bracket.
We are in the same boat. We couldn’t have chosen a worse possible time to retire. All of this was avoidable, too. It is ALL politician-caused.
.
> Don’t forget Medicare taking out more as well.
Actually this year Medicare Part B will take out a few dollars less then last year.”
Thanks for the correction. I will going right out to buy a porterhouse steak.
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