Social Security COLA 8.7% for 2023

[NHBX]

From SSA faqs

"The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364. If you retire at age 70 in 2022, your maximum benefit would be $4,194."

With the 2023 cola you could see over 50k.

 

[FERLING]

My wages aren't going up like that, I guess I should retire.

Hint hint

 

[FERLING]

If you retire before 70 you are leaving monthly payment $ on the table. My friend started collecting at 62 yrs. He swears he got enough $ in that time to put him ahead of the waiting game. IDK
I'm still working, self employed at home, so I'll wait 1 more yr to collect without earnings penalties.
And no your wages are not going up like that unless you work a min wage job, in which case your wages doubled.
And we wonder why the cost of everything is going up?

The cost of everything is going up because people keep buying it at the higher price. If home sales slow down then watch prices go down.

 

[kenmac]

The cost of everything is going up because people keep buying it at the higher price. If home sales slow down then watch prices go down.

Just look at all the homes, etc that will have to be built back in FL.
Building materials of all types, appliances, roads, etc,.
I doubt prices of items will be coming down any time soon

 

[RBLapham]

Just wait to see what they raise the medicare cost to! Will probably take half of the COLA as usual. Taking out of one pocket and putting in the other! Gota love SS.

 

[NHBX]

Medicare went down about 5.00

 

[sea2summit]

The govt solves another problem it created by piling on more dept-flation

Far too many people have no concept of this. Every time I see these checks with "help" from whatever local, state, federal agency I want to puke because all they are doing is making the problem worse. But it's okay because apparently it's "free moeny". SMH.

 

[Snobdds]

This is true from a strict mathematical sense. However, if you don't really need the money before 70, there is no reason to start collecting. If you die early, you can't take it with you. However, if you live to be 100 you will be much more likely to need the higher income. This becomes even more important in high inflation times, since you have a higher base to increase.

Many people who maxed out on contributions and delayed benefits will have over $50K in SS payments in 2023.

That is all factored into the math with the break even point...

 

[RoyJackson]

Far too many people have no concept of this. Every time I see these checks with "help" from whatever local, state, federal agency I want to puke because all they are doing is making the problem worse. But it's okay because apparently, it's "free money". SMH.

Social Security isn't "free money". We're taxed on it all our working lives.
That said, SS should be strictly applied for people who paid in... not for any other recipients

 

[5030]

But it's okay because apparently it's "free moeny". SMH.

Nothing is free from the gummit, nothing. Far as SS goes, you paid into it with no choice and it's your money you are getting back, not theirs. It's a forced 'savings' account, nothing more, even though politicians robbed the fund for money which, is typical of politicians.