Social Security COLA increase for 2024 could be higher than expected

nbcnews ^ | 09/14/2023

[Starboard]

You nailed it. It should never have been called Social Security. The term ‘security’ gives a false impression of what it actually is — a supplement, hopefully to other retirement income you have coming in.

[Starboard]

“We buy food and gasoline and health services.”

***********

But there’s also other costs associated with daily living such as home maintenance, transportation related costs, home and auto insurance, HOA fees, personal entertainment, utilities, etc. Also, most retirees don’t want to sit around by themselves and have expenses related to social activities and outings with friends and family.

Recent inflationary pressures are putting a lot of pressure on retirees. What little disposable income is left is rapidly shrinking.

[SaveFerris]

Absolutely.

Millions of people should be demanding Biden cough up more money. He’s got plenty for Ukraine, LGBTQWERTY and illegals.

But NOT for American taxpayers.

[Starboard]

“Too many of them spend too much of their time blaming their predecessor.”

***********

It seems to work for them. The scoundrels keep getting re-elected.

[SaveFerris]

(But, no. Instead the COLA is based on manipulations and lies.)

Absolutely. Millions of senior citizens should be burning up the White House telephone lines; demanding answers from Joe.

[Adder]

$57/mo??!!!

Wow! Now we can buy 3 gals of gas and a head of lettuce per week!

[FredSchwartz]

A few years ago, the COLA kicked in and and “gave us a raise”.
The Medicare part took all but $8.
So I got to eat an extra fast food meal every month.
Whoo Hoo!!

sarc

[Adder]

Lawsa mercy! Won’t be able to contain ourselves. Might be able to go to the big Walmart!

[Leaning Right]

You’re right. Your senior expenses list is much more complete than mine. My electric bill is about 50% higher than it was two years ago. And I’m not charging a Ford 150 Lightning or anything like that. I’m just doing what I’ve always been doing.

My elderly aunt (who lives in another state) has seen her electric bill double. And she’s not charging any fancy EVs, either.

No one cares. Instead it’s more money for illegals and more money for Ukraine.

[mass55th]

Whatever increase there is, won’t be based on the real rate of inflation. It never does.

[SaveFerris]

(Might be able to go to the big Walmart!)

Whoa now. Let’s not get ahead of ourselves.

My local WalMart had little Ham and Cheese mini sandwiches 🥪🥪🥪🥪🥪🥪

On ROLLS mind you.....for Labor Day

$26!!!!!!!!!!!!!!!

I am not joking

Their own deli person told me they were $10 only 2 years ago

Thanks Joe Biden!!!

[Starboard]

Food was understandably the first item on your list. The rising costs of groceries is a huge problem for everyone, but especially for seniors.

We prepare most of our means at home and so avoid the rising cost of eating out. We eat better and cheaper that way. :)

[napscoordinator]

Last year it went down 5 bucks. It may again.

[redshawk]

Cousin Eddie and the microwave...lol

https://youtu.be/c9G1VWo_yyU?si=SuJ-dqSsk3igBmt_

[rockrr]

That would add about $57 to monthly benefits, raising them to $1,790 for the average recipient, according to the group's estimates.

Oh goody - that will almost cover the price of a burger from Micky-d ;'}

[adorno]

And by FDR reckoning very few people would live to collect.

That's still the case. In fact, most SS payers won't get to collect. Millions die young and before they reach retirement age. Millions more will die shortly after reaching their retirement age and will have collected only a few short years, and perhaps none. If all that contributed to SS lived to age 70+, SS payments would have to be half of what they are now, and perhaps much less. Imagine then if everybody lived to age 80 and above. People would be collecting not much more than a few hundred dollars per month till they die.

[Bonemaker]

Inflation rocketed to 40-year highs in 2022 in the wake of Biden killing pipelines and oil production. Period.

[lightman]

You nailed it. It should never have been called Social Security. The term ‘security’ gives a false impression of what it actually is — a supplement, hopefully to other retirement income you have coming in.

I can remember a time when it was referred to as:

Supplemental Security Income.

[Bonemaker]

I did too at 62. Never looked back. 83 now. Take it when you can before country goes completely to hell.

[Bonemaker]

I did too at 62. Never looked back. 83 now. Take it when you can before country goes completely to hell.