This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at [email protected].
Is there a table I can see that shows the inflation adjustment factor from every year from 1980 to present day?
Bernie:
The Social Security website Contains this information. You can find it at: https://www.ssa.gov/oact/COLA/colasummary.html. Click on the “COLA History” link and you’ll find the annual COLA applied year-by-year. If you want to see the actual CPI numbers that led to COLA calculation, click on the Consumer Price Index tab on the lefthand menu bar. Remember that Social Security only uses the third quarter numbers to do the year-over-year comparison.
If we can help you any further in this area, please contact our Social Security Advisory Service at 888-750-2622, or via email at [email protected].
Gerry Hafer
AMAC Foundation
Link to a Table with SSA inflation adjustment numbers for past years.
checking on COLA 2023
Steven:
As you probably know, we won’t see the actual 2023 COLA until October, after the CPI-W numbers for July thru August are known and compared to the same period in 2021. Current projections are consistently calling for an adjustment in the 7% to 8% range, although some have pegged it as high as 10.8%. See the post from our Social Security Report website earlier this week (https://socialsecurityreport.org/cola-watch-2023-an-even-higher-projection) for a recent projection. In any event, stay tuned to SocialSecurityReport.org for updates as we move thru the third quatrer.
Gerry Hafer
AMAC Foundation, Inc.
Biden is wrecking our economy and we are in a recession inflation over 9% but no COLA raise??? Democrats are friggin THROUGH WITH COME THE MID TERMS!!!! They want us to pay for Ukraine’s war and they snub their noses at the American people!?!?!? Hell no!!
Lindsay:
Thanks for your comments. I will pass them on to our colleagues at AMAC Action, whose responsibility it is to collect member and public comments for inclusion in interaction with congressional parties.
Gerry Hafer
AMAC Foundation
why do i never get a cola on my social security and my wife does
John,
There are very few reasons why you wouldn’t see the annual Cost of Living Increase (COLA) to your Social Security benefit, and they are related to your Medicare premium. The “hold harmless” provision prevents increases to the Medicare Part B premium from reducing your Social Security benefit, but that can also result in you paying a lower-than-standard Part B premium. However, SS rules also allow your COLA to be used to bring your Part B premium up to, or closer to, the standard premium amount. If, at the start of 2022, you were paying less than $170.10 per month for Medicare Part B, then your 2022 COLA increase was probably used to bring your Medicare Part B premium up to, or closer to, standard. COLA is actually awarded to ALL Social Security beneficiaries, but COLA can also be used to offset increases to your Medicare Part B premium, which is what I suspect happened to you. I suggest you look at your online Social Security account payment history (at http://www.ssa.gov/myaccount) and look at your GROSS Social Security benefit amount over the last couple of years. I think you will find that your GROSS benefit was increased by the annual COLA amount, but that the Medicare Part B premium you paid changed.
If you have further questions, please email those questions to us at [email protected].
Russell Gloor
National Social Security Advisor
The AMAC Foundation
EL 9/ 10 POR CIENTO DE IMFLACION PARA LOS RETIRADOS EL AUMENTO SON $ 100 PERO LUEGO NOS DESCUENTAN $ 100 PARA LOS SEVICIOS QUE VAMOS USAR PERO LA GENTE QUE A TRABAJADO 40 ANOS NO TIENEN LOS BENEFICIOS QUE LE PERTENECEN DINERO PARA LAS PERSONAS QUE ENTRAN AL PAIS RECIBEN MAS BENEFICIOS CREO QUE ALGO NO ESTA BIEN PARA QUE SIRVE TRABAJAR SI LOS QUE NO SON MAS FAVORECIDOS
Carlos:
Thanks for the comment…please note that we do not have a Spanish translator on staff, but using the translation capability built in the MS office, I believe we were able to get a sense of your comment. It appears you’re questioning the availability of benefits for immigrants upon entry being greater than those available to immigrants who have been here working in the U.S. for 40 years. Our Advisory Service only addresses questions and comments relevant to Social Security, and I can tell you that the calculation of earned Social Security benefits for long-time immigrants versus newly-arrived immigrants does not differ. The determination of Social Security benefits depends on the length of time in the workforce and the payment of FICA taxes. For more background on this topic, please refer to the article appearing on ages 22-23 of the July/August edition of the AMAC magazine, which you can access here: http://digitaledition.qwinc.com/publication/?m=40499&i=753724&p=22&ver=html5.
If this response does not address the question or situation posed in your comment, please contact our Advisory Service at 888-750-2622, but be advised that we do not have Spanish-speaking Advisors on staff.
Gerry Hafer
National Social Security Advisor
The AMAC Foundation
As the government paid back the interest on the money they have borrowed from Social Security
Arthur:
Thank you for the question and for your interest in Social Security. The issue of government repaying the money “borrowed” from the program is one that we respond to frequently here at the AMAC Foundation Social Security Advisory Service, although many times the question is framed around the accusation that the money has been stolen from the trust funds. Your use of the term “borrowed” is more closely aligned with the facts associated with the accounting for Social Security’s financial operations.
First, let me explain that all revenue flowing into Social Security (payroll taxes, interest on accumulated reserves, and federal income tax on benefits) goes directly to the U.S. Treasury, not the Social Security Administration. The U.S. Treasury in turn issues special interest bonds in the amounts received, and deposits them in the Social Security trust funds. The bonds held in the trust funds are considered a reserve asset, available for eventual redemption to pay benefits.
At the end of 2020, the value of the bonds held in the trust funds stood at nearly $3 trillion, since the program had been operating at a surplus for many years. Beginning in 2021, however, Social Security began operating at a deficit, with more being paid out than was flowing in. As a result, redemption of the treasury bonds is now being used to make up the difference. This will continue until the trust fund bonds are fully depleted (in little more than a decade) at which point Social Security by law will revert to a cash basis, where money paid out must equal revenue received. This of course translates to an across-the-board reduction in benefits for all who receive payments from the system.
The answer to your question, then, is that the repayment of the “borrowed” funds has begun, and will continue until the accumulated reserves (the balance of the treasury bonds in the trust funds) reaches zero. We are optimistic that this will not occur, however, and believe that Congressional action will be crafted to ward off the projected benefit cut. If you’d like more information on this overall solvency issue and AMAC’s thoughts on how to correct the problem, please contact our AMAC Foundation Social Security Advisory Service.
Thanks again for your question.
Gerry Hafer, Social Security Advisor
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
What is the % of increase cola for 2023?
William:
We expect the Social Security Administration to release the final COLA figure for 2023 late next week. Check our Social Security Report website (www.SocialSecurityReport.org) website for an official announcement if it’s available. In the meantime, as noted in a post today on the SSR website, many forecasters are projecting the largest increase in four decades. See https://socialsecurityreport.org/how-much-will-social-security-benefits-increase-in-2023/https://socialsecurityreport.org/how-much-will-social-security-benefits-increase-in-2023
Gerry Hafer, Social Security Advisor
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
How much will I get on my raise ?
Tony:
We expect the Social Security Administration to release the final COLA figure for 2023 late next week. Check our Social Security Report website (www.SocialSecurityReport.org) website for an official announcement when it’s available. In the meantime, as noted in a post this week on the SSR website, many forecasters are projecting the largest increase in four decades. See https://socialsecurityreport.org/how-much-will-social-security-benefits-increase-in-2023/https://socialsecurityreport.org/how-much-will-social-security-benefits-increase-in-2023
Gerry Hafer, Social Security Advisor
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
Need paperwork saying my cost of living adjustment will be for next year. Getting refinance for home
James
The AMAC Foundation is not affiliated with Social Security, so we do not have access to your account. The cost-of-living increase for 2023 is 8.7%. If your new benefit has been recalculated a statement will be available in your My Social Security Account online. If you do not have an account online, you may create one using the following link: https://www.ssa.gov/myaccount/ Otherwise, you need to contact Social Security to receive a statement of benefits showing the new amount. Call 800-772-1213 or contact your local Social Security office.
If you have further questions please contact us either by email at [email protected] or call (888)750-2622
Sharon Kleczka
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
Was asking. For my ssi amount
Melissa
The AMAC Foundation is not affiliated with the Social Security Administration and cannot access your account. If you are asking what the amount of SSI is for 2023 it will be $914 per month. If you are asking what the amount of your Social Security benefit will the cost-of-living increase for 2023 is 8.7%. For the exact amount of your benefit contact Social Security. Call 800-772-1213 or contact your local office.
If you have further questions please contact us either by email at [email protected] or call (888)750-2622
Sharon Kleczka
AMAC Foundation
Need more $500.00+/month increase
What percent do we receive and when does it start
Gary,
Every year, COLA is applied to your December Social Security payment, which you will receive in January. So, the payment you receive next month in December won’t include the 8.7% COLA increase because that payment is for the month of November 2022, but the payment you receive in January 2023 will include the 2023 COLA, and you’ll receive the higher amount for all subsequent 2023 payments.
Russell Gloor
National Social Security Advisor
The AMAC Foundation