All Social Security retirees will receive a 1.6% cost of living (COLA) increase for 2020. For the average retiree that is an increase of $24 monthly. The COLA will be in the January Social Security checks.
Democrats and advocates for seniors feel the COLA does not take into account health care costs and should be higher but its highly unlikely that Congress will pass any adjustments beyond the COLA as they did last year.
Newsday has an article about the Social Security increase Here..
Some day our union will fight for a full annual COLA on our NYSTRS retirement pensions. (Full annual COLA is a part of the NYPD/NYFD, federal, and social security pensions.) It is the best hedge against inflation.
ReplyDelete@8:28 can you explain how we do not get full cola?
ReplyDeleteSee the following webpage which mentions that COLA is applied only to the first $18,000 of a pension:
ReplyDeletewww.osc.state.ny.us/retire/retirees/cost_of_living_adjustment.php
Therefore, if the COLA rate is 1% and if your pension is $70,000 annually, and if you are entitled to COLA, you should have received an increase of $180 annually (paid at the rate of $15 per month), and not $700 annually, starting in September 2019.
An increase of $180 for the year (less the increased withholding taxes) may "address inflation as it occurs," but it doesn't adequately address inflation.
I asked who did you vote for mayor and most of my colleagues voted Republican to my surprise .
ReplyDeleteI asked them why and they said they rather pay more in taxes and their family to be safe.
Henceforth 10 years later some of them are ATR’s and miserable and I asked them the same questions and
they told me they were still vote Republican for their family to be safe.
Wow we are all mixed up and they should stop complaining and do something about it.