SS COLA Conundrum

[Lost_in_the_HTTP]

The Social Security COLA increase for 2023 is projected to be in the 9-11% range based on CPI numbers from the next few months. But there may be a glitch. That may be just enough to cut some seniors out of income based programs that use the Poverty Level percentages. Some may get a $150/mo or more increase, but if that puts them over the threshold for low income programs, they may end up losing much more.

And there's a potential tax hit for some:

Social Security COLA Increases Could Cost Seniors Money — Here’s How

It has to do with taxes.

www.gobankingrates.com

Will those thresholds be adjusted accordingly?

 

[KMFJD]

nvm

 

[pcgeek11]

There is a chance that these levels will be adjusted. Lets hope so.

 

[BoomerD]

As much ss this NEEDS to be done, I'll be VERY surprised if the Republicans allow it to happen.

 

[balloonshark]

When you get a SS increase they adjust SNAP and HUD benefits. They usually get adjusted to the point where you actually don't get a raise. For example: You get a $50 raise and your share of rent goes up $30 and SNAP gets cut $20.) This kind of stings when the cost of everything has continued to rise over the past 25 some years. I've also already been told the tenants share of HUD was going up next year before any of this raise stuff started.

 

[Lost_in_the_HTTP]

Sometime back I saw a projection the the Federal Poverty Level would kick up around 10%, but I'm not sure if that's set in stone yet.

​	​	​	​	​
​	2021​	2022​	2023 (Est 9.7%)​	​
FPL​	$12,880.00​	$13,590.00​	$14,908.00​	​
FPL 135​	$17,388.00​	$18,346.50​	$20,125.80​	​
FPL138​	$17,774.40​	$18,754.20​	$20,573.04​	​
FPL 150​	$19,320.00​	$20,385.00​	$22,362.00​	​
FPL 200​	$25,760.00​	$27,180.00​	$29,816.00​	​
​	​	​	​	​
​	​	​	​	​

 

[brianmanahan]

i doubt they'll adjust ones like the taxable SS limit, since it hasn't been inflation adjusted since '84

i know if i don't get a %10 raise then i'm bailing on my job to find something else