Social Security 2023 COLA to be announced Oct 13th
 

As an FYI, Social Security 2023 COLA to be announced Oct 13th

And on October 14th the actuaries can announce how much sooner the SS trust will become insolvent.

:bigbow:

Sad but true, they just kick the can down the road.

Actually it will not become insolvent they will just reduce the payments.

And how much the Medicare premium will eat up the COLA????

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

I think I read somewhere that the medicare premium is actually going down a little because it was raised too much last year. (I could be wrong on that one - too lazy this morning to check)

It needs to be like 15% :boom:

While the increase is needed due to runaway inflation, it is a terrible benefit for us because it is based on inflation. I would much prefer what we have had for many years, small or no increases and an economy that is thriving. Nothing to celebrate here.

Don't hold your breath

Some would argue that a thriving economy expects and depends on occasional resets via corrections and/or recessions. We do seem to be getting better at limiting the hardships caused by them, which is good.

Resorts say 8.7%

Okay, I checked and indeed, the premiums are going down. From CMS.gov

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

My 89 year old Dad's SS was reduced this year because of the medicare cost.