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Honored Social Butterfly

ALMOST TIME FOR THE 2022 COLA ANNOUNCEMENT

Yep, it is probably gonna be a % number larger than what we have seen in a decade 

BUT WILL IT BE ENOUGH????

 

We won't know what those Medicare Part B premiums will be and I am expecting a hefty increase - but maybe not since we put off some care during the height of the pandemic.

 

The real unknown is INFLATION - what, when and where - already high on many things - now when is that moderation gonna start happening that the Fed Reserve keeps talking about??!!??

 

Well, good luck to us all and don't spend it all in one place !!!

Cheers 🍷

 

 

It's Always Something . . . . Roseanna Roseannadanna
Conversationalist

@GailL1 The Bureau of Labor Statistics is scheduled to release the September inflation data on Wednesday, October 13th. Shortly thereafter, we will know the SS increase for 2022. As you probably know, each year, inflation data (CPI-W) for July, August and September is averaged to determined if a SS increase is forthcoming for the subsequent year. The average for July and August is 5.8%. Based on September's numbers, we will adjust plus or minus from 5.8% or stay at 5.8%. Answer to your first question: It is never enough. There is an entire section at the SS website that addresses the pros and cons of the CPI- U versus the CPI-W and discusses the CPI-E (Elderly) as well. Example, in September, I bought 20 gallons of gasoline (18 gallons for a Dodge Caravan and 2 gallons for a grass cutter) for about $70. Using averages, the potential SS increase would be just about gone with that one purchase ($1,500 X 5.8%= $87). Second, there is no doubt that Medical costs increase year after year. Last year, Congress held the Part B increase for 2021 to just 25% of the calculated increase or just $4.00 ($16 X .25). Hopefully, they will do the same for 2022. Third, I don't think the Fed has an accurate timeline for the start of any inflation moderation. Energy costs, in general, have increased approximately 25% according to the BLS with gasoline costs up about 42%. One of the contributing factors is reduced supply of crude which affects not only gasoline, but also jet fuel, transportation (diesel),manufacturing, etc. Even the prices of food and groceries are affected by increased energy costs. In summary, if we don't spend all of the  SS increase at the gas station, there is a good chance that it will be used at the food/grocery store and/or medical. I am hoping the SS increase will cover more than one place.

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