Retiree COLA for 2022

[Majones1]

A couple of weeks ago I stopped by my local cabinet shop and bought a sheet of top grade 3/4" plywood. It was $200 (actually I lied, It was only $191 before taxes). The last time I bought a similar sheet of plywood some years ago, it was around $125. Even though I knew it would cost more now, it still put a lump in my throat for a second.
That's economic or financial for me, not political.

Agreed! I’ve been reading how badly the supply chains are screened up and how difficult it’s going to be to correct them. Workers wages have also been effectively decreasing over the decades so their quality of life is much lower than their parents were 4 and 5 decades ago. So, where do we think the profit from that $200 sheet of plywood going?

[Majones1]

I was trying to carefully avoid calling any one out and as gently as I could, remind us all to avoid being offensive to anyone.

[roy_okc]

There's a historical COLA chart going back to 1975 on AARP, here. This is the largest COLA since the Carter and Reagan years, and the only one close in the past two decades was 5.8% in 2008. The article also gives a brief overview of how COLA is calculated as well as how the current system came to be.

Does anyone know how long military retirement/VA disability has been tied to Social Security COLA? I have a few more years before even thinking about SS, so haven't really tracked it, but I know there are several other retired vets on here who might be more knowledgeable.

[roy_okc]

A couple of weeks ago I stopped by my local cabinet shop and bought a sheet of top grade 3/4" plywood. It was $200 (actually I lied, It was only $191 before taxes). The last time I bought a similar sheet of plywood some years ago, it was around $125. Even though I knew it would cost more now, it still put a lump in my throat for a second.
That's economic or financial for me, not political.

Any idea if that $191 was lower than a few months back?

I bought a sheet of 1/2" birch ply from Home Depot a couple weeks ago, and it was, I believe $56 and change. I took a look again a couple days ago and it was $58+. I noticed a few months ago that it was around $75 or $80 or maybe more. So it seems prices are still fluctuating, but at least well off their highs.

[jsburger]

There's a historical COLA chart going back to 1975 on AARP, here. This is the largest COLA since the Carter and Reagan years, and the only one close in the past two decades was 5.8% in 2008. The article also gives a brief overview of how COLA is calculated as well as how the current system came to be.

Does anyone know how long military retirement/VA disability has been tied to Social Security COLA? I have a few more years before even thinking about SS, so haven't really tracked it, but I know there are several other retired vets on here who might be more knowledgeable.

I retired from active duty in 1996. As far as I can remember it has been that way at least since then. I seem to remember reading somewhere that VA disability is tied to Social security COLA by law but military retired is not by law but usually follows with the same rate. Active duty military is also not by law but usually follows also.

I misspoke. That is not true. active duty pay and allowances are tied to a different index not the CPI. This years active duty pay increase is only 2.7%.

[roy_okc]

I found the below tidbit on https://themilitarywallet.com/cola-cost ... justments/.

While the COLA used for Social Security Benefits is guaranteed by law, COLA increases for veterans’ benefits such as disability compensation, clothing allowances and dependency and indemnity compensation must be presented as a bill and voted on by Congress each year.

[garys]

A couple of weeks ago I stopped by my local cabinet shop and bought a sheet of top grade 3/4" plywood. It was $200 (actually I lied, It was only $191 before taxes). The last time I bought a similar sheet of plywood some years ago, it was around $125. Even though I knew it would cost more now, it still put a lump in my throat for a second.
That's economic or financial for me, not political.

Any idea if that $191 was lower than a few months back?

I bought a sheet of 1/2" birch ply from Home Depot a couple weeks ago, and it was, I believe $56 and change. I took a look again a couple days ago and it was $58+. I noticed a few months ago that it was around $75 or $80 or maybe more. So it seems prices are still fluctuating, but at least well off their highs.

The guy at the shop told me that it has been at this price for quite a while now. He said that while construction lumber has started dropping in price, the cabinet grade lumber seems to be stuck at the high prices of earlier this year.

[jsburger]

Well. the numbers are in. The COLA was 5.9%. We get 5 retirement checks from the government. Military, VA, my wife's CSRS federal, my FERS federal and my Social Security. My wife dose not get Social Security because she retired under the old CSRS federal program. She did not pay into Social Security but her retirement is almost the same as when she was working.

Anyhow, 5.9% is great. Our take home increase in the bank after taxes is $409.88 a month. Certainly better than nothing that we had for a previous few years.