I worked for Chevron for a long time. I made it my goal to have resources in retirement to live well without SS. This has served me well.
I advise all of you still working to take advantage of stock matching and investing the maximum in your profit sharing plan.
@1gwb, If you’re going to worry about that in 20 years when you’re about to retire, then you are a poster child for most Americans, few are truly prepared for retirement. You better start paving your way to retirement 20 years or more before that day comes. I did, thanks to the constant hammering of my father and good friends. Today I’m living the Life of Riley.
I’m on SS and so is my husband. The 8.7% COLA is welcomed even though it’s not exactly enough to cover the inflated costs we’ve all had over the last year. If only the SSA adjusted the COLA every 6 months to true-up the real cost of living, I’d say the COLA is doing it’s intended purpose.
@1bsr, do you really think any politician will vote to cut social security benefits in 2035? I guarantee you no such thing will happen. Congress will continue to kick the can down the road, extending the program’s benefits intact and untouched. What’s very likely to happen is the earnings cap will be removed completely and higher salary employees will pay 6.4% of their salary to the SSA. Other little tweaks like that will extend the program another 75 years.
Don't expect 8.7% here if you are high in CO
Structure is likely to move higher this year because of high inflation data on the surveys that they rely on so expect at least double from last year - at least that is my expectation
Related to layoffs in some way????????????
Inflation is well above that if you consider the period since that last COL increase. so, meh
They will be cutting Social Security in a few years, so I don't care.
I’ll worry about that in 20 years when I’m retired.