August 19, 2011
by Mike Causey
Although federal workers face at least one more year without a pay raise, government retirees are cautiously looking forward to a cost of living adjustment of around 3.3 percent in their January checks. That COLA, if it holds up, would be the first inflation-catchup federal, military and Social Security retirees have had since they got a 5.8 percent increase in 2009.( SORRY BUT I NEVER RECEIVED A 5.8 COLA)
The actual amount of the 2012 COLA won't be known until mid-September. The raise could be higher if inflation creeps up this month and in September. It would be less if living costs drop between now and the end of September.
By law, retirees are supposed to get COLAs to match the rise in inflation as measured by the Bureau of Labor Statics Consumer Price Index. But for the past few years, inflation has been flat and there were actually months when living costs dropped. Result: No retiree COLA in 2010 or 2011. That(No retiree COLA) despite the fact that health insurance premiums for retirees (and workers) have been going up. And up.
In recent months, there has been back-and-forth inflation. The January COLAs for retirees are based on the rise (if any) of the CPI from the third quarter of the previous year to its level for the current year. The third quarter measuring period is July, August and September. So that means there are still two months (August and September) left in the countdown.
Courtesy of Lorraine Rumore, Research Chair.
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