COLA anyone?

[W2R]

The summary is that if current trends continue thru Sept the SSA COLA will be about 3.5%. I think I heard a news report last week that inflation had stalled this month so maybe a bit less. Still looking like 3%+.

This is so exciting to me. Having retired from federal service in 2009, I have never had a COLA. If it's 3.5%, then we FERS retirees should get a 2.5% COLA. That would be awesome.

 

[Nodak]

Looking forward to a CSRS COLA after two years of zero. Could gross about $100 per month between pension and SS.

 

[Nords]

This is so exciting to me. Having retired from federal service in 2009, I have never had a COLA. If it's 3.5%, then we FERS retirees should get a 2.5% COLA. That would be awesome.

Looking forward to a CSRS COLA after two years of zero. Could gross about $100 per month between pension and SS.

Yes, but inflation has officially already taken it away. Unofficially it might have taken even more.

It's like living in a world of 10%-interest checking accounts and 14% CDs. Nobody wants to deal with that kind of inflation just for double-digit interest earnings.

We should all wish for zero COLAs for the rest of our lives...

 

[donheff]

We should all wish for zero COLAs for the rest of our lives...

2 or 3% will make it easier to pay off the debt as long as we have commensurate growth.

 

[W2R]

Yes, but inflation has officially already taken it away. Unofficially it might have taken even more.

Good point. Also, my health insurance premium is deducted before the direct deposit of my tiny pension. So, I fully expect the dollar amount direct deposited to be less than before, due to the usual high increases in health insurance premiums.

Oh well. Still, it is a new experience. Life is full of novelty and interesting twists and turns. And who knows? I might end up with a little more to help me deal with the inflation you mention. Not holding my breath.

 

[Nords]

2 or 3% will make it easier to pay off the debt as long as we have commensurate growth.

I'm good with that. The 5.8% COLA a few years back... ouch.

 

[Chuckanut]

My pay was cut this year. So I guess my COLA was -2%. At least once I retire they can't cut my pension, but since my final pension is an average of my five highest years, this cut will hurt my pension a bit.

 

[rescueme]

At least once I retire they can't cut my pension...

Only if you're a government worker (and these days on the local level, they are getting shakey).

A private company? All it needs to do is go out of business and there goes your pension to the PBGC (at probably reduced rates).

It happened to both my FIL & BIL (different companies - union jobs)...