It will start in January 2023.
Even at a whopping 8.6% it's still not enough to offset the inflation Americans are coping with - but for us expats in Thailand it's a bonanza.
https://www.cbsnews.com/news/social-sec ... ease-2022/
It will start in January 2023.
The article notes the following:Dodger wrote: ↑Thu Jun 23, 2022 6:15 pmIt will start in January 2023.
Even at a whopping 8.6% it's still not enough to offset the inflation Americans are coping with - but for us expats in Thailand it's a bonanza.
https://www.cbsnews.com/news/social-sec ... ease-2022/
I agree it is a bonanza for those on US Social Security especially if they do not have Medicare Part B that covers doctor expenses - Part A that covers hospital expenses is free - no premium. If you are living full time in Thailand, Part B is useless as Medicare does not cover one outside the USA. One of the reasons I opted out of Part B.The Social Security Administration will set the 2023 COLA in October based on the previous three months of inflation data, which means the actual rate hike could be somewhat different from the Senior Citizens League's forecast. Johnson last year predicted a 6.1% COLA increase, while the actual boost was 5.9%.
But there is a caveat about getting a big COLA increase: Much of the bump could be eaten up via Medicare premium increases, which typically also rise each year.
Like you I also opted out of Medicare part B when I retired - and this is one of the reasons why.
Last time I looked, the currency movement was more due to the dollar strengthening against a basket of currencies, rather than the baht weakening.