Thu Oct 13, 2022, 04:22 PM

asiliveandbreathe (7,580 posts)

8.7% COLA Raise Social Security 2023 - Hip Hip Hooray..

U.S. retirees see biggest Social Security hike in more than 40 years..

from Reuters and NYT..

18 replies, 976 views

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18 replies	Author	Time	Post
8.7% COLA Raise Social Security 2023 - Hip Hip Hooray.. (Original post)	asiliveandbreathe	Oct 2022	OP
YAY!	whathehell	Oct 2022	#1
This pushed me over the decision line	QED	Oct 2022	#2
You have been through the ringer..my 2 teachers..Son and DIL have just about had it..	asiliveandbreathe	Oct 2022	#5
Yeah, I'm where your son and DIL are.	QED	Oct 2022	#7
I retired at 62. I was worried because I knew I would not get my full social security.	fightforfreedom	Oct 2022	#8
Don't mean to be a Debbie Downer..	Deuxcents	Oct 2022	#3
Medicare Part B..ain't much..but every little bit helps..	asiliveandbreathe	Oct 2022	#4
I read recently	claudette	Oct 2022	#10
8.7% raise, Inflation is about the same.	panader0	Oct 2022	#6
Only 8.7%? Doesn't even come close to covering this year's inflation where I live.	FuzzyRabbit	Oct 2022	#9
My real world number for inflation	Mr.Bill	Oct 2022	#17
I agree.	FuzzyRabbit	Oct 2022	#18
If you are 62 or older	Raftergirl	Oct 2022	#11
I was just wondering that.	MLAA	Oct 2022	#13
I also heard that medicare will	Tickle	Oct 2022	#12
Where did you hear that? Would that be a first?	Emile	Oct 2022	#14
I read it in the	Tickle	Oct 2022	#15
AARP.org..here you go..	asiliveandbreathe	Oct 2022	#16

Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 04:24 PM

whathehell (27,710 posts)

1. YAY!

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 04:26 PM

QED (2,384 posts)

2. This pushed me over the decision line

I was debating whether to retire from teaching at the end of this year or to do one more. This helps me feel okay about this year. I'm so exhausted, I don't think I'd last another year.

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Response to QED (Reply #2)

Thu Oct 13, 2022, 04:36 PM

asiliveandbreathe (7,580 posts)

5. You have been through the ringer..my 2 teachers..Son and DIL have just about had it..

Just hanging on..couple more years..

Be sure to check everything before retiring..hopefully you have advocates in your school system, or seminars where you can get the information you need..as a teacher I'm sure you will..if you are part of a union, they are a great resource as well..my very best to you..

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Response to asiliveandbreathe (Reply #5)

Thu Oct 13, 2022, 04:45 PM

QED (2,384 posts)

7. Yeah, I'm where your son and DIL are.

I'm registered for a Medicare seminar through my district next month. That's my big concern - it's so confusing! The pension thing is pretty clear - the system lays out the steps.

What am I gonna do next???

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Response to QED (Reply #2)

Thu Oct 13, 2022, 04:55 PM

fightforfreedom (4,198 posts)

8. I retired at 62. I was worried because I knew I would not get my full social security.

I can honestly tell you I do not regret my decision. Things are working out just fine. I do not miss work at all and financially you find a way to make things work out. Good luck in your retirement.

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 04:27 PM

Deuxcents (9,352 posts)

3. Don't mean to be a Debbie Downer..

That will effect taxes n be eaten up by the raises in Medicare n other deductibles. I’m not complaining but I’m not celebrating until I see the bottom line.

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Response to Deuxcents (Reply #3)

Thu Oct 13, 2022, 04:31 PM

asiliveandbreathe (7,580 posts)

4. Medicare Part B..ain't much..but every little bit helps..

The standard premium for Medicare Part B will decrease in 2023 to $164.90 a month, $5.20 lower than this year’s monthly premium.

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Response to Deuxcents (Reply #3)

Thu Oct 13, 2022, 05:02 PM

claudette (630 posts)

10. I read recently

that there will be NO increase in Medicare premium. Actually, President Biden wants it reduced by $5.00. Not much but better than an increase

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 04:36 PM

panader0 (25,356 posts)

6. 8.7% raise, Inflation is about the same.

I'm happy to get the raise, for sure, as it will help offset inflation.

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 05:01 PM

FuzzyRabbit (1,789 posts)

9. Only 8.7%? Doesn't even come close to covering this year's inflation where I live.

On top of the meager SS increases the last few years, my income is rapidly falling behind.

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Response to FuzzyRabbit (Reply #9)

Thu Oct 13, 2022, 07:00 PM

Mr.Bill (19,633 posts)

17. My real world number for inflation

is about 25%.

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Response to Mr.Bill (Reply #17)

Thu Oct 13, 2022, 09:40 PM

FuzzyRabbit (1,789 posts)

18. I agree.

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 05:04 PM

Raftergirl (939 posts)

11. If you are 62 or older

but haven’t taken SS yet, you will still see this increase in your SS when you start collecting benefits.

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Response to Raftergirl (Reply #11)

Thu Oct 13, 2022, 05:44 PM

MLAA (13,841 posts)

13. I was just wondering that.

Just turned 62 last month and was considering starting SS this year.

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Response to asiliveandbreathe (Original post)

Thu Oct 13, 2022, 05:06 PM

Tickle (1,611 posts)

12. I also heard that medicare will

be coming down. part A and B

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Response to Tickle (Reply #12)

Thu Oct 13, 2022, 05:51 PM

Emile (10,494 posts)

14. Where did you hear that? Would that be a first?

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Response to Emile (Reply #14)

Thu Oct 13, 2022, 06:27 PM

Tickle (1,611 posts)

15. I read it in the

same article about SS going up. This was before it became official. in any event Medicare part A and B were going to go down about $10 on your monthly SS check.

There's still time

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Response to Emile (Reply #14)

Thu Oct 13, 2022, 06:32 PM

asiliveandbreathe (7,580 posts)

16. AARP.org..here you go..

Medicare’s Part B standard monthly premium will fall to $164.90 in 2023, a $5.20 decrease from 2022, the Centers for Medicare & Medicaid Services (CMS) announced on Sept. 27. The open enrollment period to make any changes to next year’s Medicare coverage begins on Oct. 15 and goes through Dec. 7.

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