We now have the CPI- W for July, August and September 2022 and will compare the average of those with the 268.421 average from the same months in 2021.
The 2022 COLA is:
(291.90)– 268.421/ 268.421x 100 = (adjusted to the nearest 1/10 of 1 percent = 8.7)
That’s nice …. but not keeping up with costs!
Well, in theory, it is if ones living standard was based only on SS income.
My living standard is based on 75% of my retirement income. My COLA increase will be invested. It might even be 30% to investments next year. My cell phone bill will drop $40 per month in Jan 2023, when my ATT contract is up and I switch to Mint Mobile = $480 more for me. I am a bargain hunter, always looking for ways to save money. Steak is off the menu if it is over $10 per pound. Found Porterhouse on special for $9.15 per pound, stocked up. Breakfast cereal – only pay $4 per pound. Living on less than $40,000 in retirement is very easy in Montana.