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Archive October 2022

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Cost-of-Living Adjustment (COLA) Information for 2023

Cost-of-Living Adjustment (COLA) Information for 2023

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits)

Read more about the Social Security Cost-of-Living adjustment for 2023.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200.

The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $21,240. (We deduct $1 from benefits for each $2 earned over $21,240.)

The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. (We deduct $1 from benefits for each $3 earned over $56,520 until the month the worker turns “full” retirement age.)

There is no limit on earnings for workers who are "full" retirement age or older for the entire year.

Read more about the COLA, tax, benefit and earning amounts for 2023.


Medicare Information

Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center.


Your COLA Notice

In December 2022, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.

This is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail that are available online. Be sure to choose your preferred way to receive courtesy notifications so you won’t miss your secure, convenient online COLA notice.

Remember, our services are free of charge. No government agency or reputable company will solicit your personal information or request advanced fees for services in the form of wire transfers or gift cards. Avoid falling victim to fraudulent calls and internet “phishing” schemes by not revealing personal information, selecting malicious links, or opening malicious attachments. You can learn more about the ways we protect your personal information and my Social Security account here.


History of Automatic Cost-Of-Living Adjustments (COLA)

The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.

The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. By law, it is the official measure used by the Social Security Administration to calculate COLAs.

Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation.

Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index (CPI-W).

The change means that inflation no longer drains value from Social Security benefits.

The 1975-82 COLAs were effective with Social Security benefits payable for June (received by beneficiaries in July) in each of those years. After 1982, COLAs have been effective with benefits payable for December (received by beneficiaries in January).

 

Automatic Cost-Of-Living Adjustments received since 1975

  • July 1975 -- 8.0%
  • July 1976 -- 6.4%
  • July 1977 -- 5.9%
  • July 1978 -- 6.5%
  • July 1979 -- 9.9%
  • July 1980 -- 14.3%
  • July 1981 -- 11.2%
  • July 1982 -- 7.4%
  • January 1984 -- 3.5%
  • January 1985 -- 3.5%
  • January 1986 -- 3.1%
  • January 1987 -- 1.3%
  • January 1988 -- 4.2%
  • January 1989 -- 4.0%
  • January 1990 -- 4.7%
  • January 1991 -- 5.4%
  • January 1992 -- 3.7%
  • January 1993 -- 3.0%
  • January 1994 -- 2.6%
  • January 1995 -- 2.8%
  • January 1996 -- 2.6%
  • January 1997 -- 2.9%
  • January 1998 -- 2.1%
  • January 1999 -- 1.3%
  • January 2000 -- 2.5% (1)
  • January 2001 -- 3.5%
  • January 2002 -- 2.6%
  • January 2003 -- 1.4%
  • January 2004 -- 2.1%
  • January 2005 -- 2.7%
  • January 2006 -- 4.1%
  • January 2007 -- 3.3%
  • January 2008 -- 2.3%
  • January 2009 -- 5.8%
  • January 2010 -- 0.0%
  • January 2011 -- 0.0%
  • January 2012 -- 3.6%
  • January 2013 -- 1.7%
  • January 2014 -- 1.5%
  • January 2015 -- 1.7%
  • January 2016 -- 0.0%
  • January 2017 -- 0.3%
  • January 2018 -- 2.0%
  • January 2019 -- 2.8%
  • January 2020 -- 1.6%
  • January 2021 -- 1.3%
  • January 2022 -- 5.9%
  • January 2023 -- 8.7%
#CostOfivingAdjustment #COLA 

Resident Service Funding and Delivery Models Among Affordable Nonprofits

The latest NAHMAnalysis examining Resident Service Funding and Delivery Models Among Affordable Nonprofits is now available. The impact of COVID-19 on residential communities underscored the importance of providing resident services and highlighted the need for increasing funding, expanding services offered, and providing more flexible delivery models. >> Read All of Resident Service Funding and Delivery Models Among Affordable Nonprofits

LIHTC Update: $5.4 Million in Unused Housing Credit Carryovers

The IRS published Revenue Procedure 2022-37, announcing $5,423,591 of unused low-income housing tax credits allocated from the national pool to 27 qualified states for the calendar year 2022. The national pool in 2022 reflects a decrease from the $7.8 million in unused low-income housing tax credits in the calendar year 2021. Revenue Procure 2022-37 is attached and can also be viewed here
>> Read All of ?LIHTC Update: $5.4 Million in Unused Housing Credit Carryovers

Rental Assistance Demonstration $15 Billion Milestone

As of October 2022, Public Housing Agencies (PHAs) and their partners have now used Rental Assistance Demonstration (RAD) to generate over $15 billion for construction investments to improve and replace public housing properties since the program’s inception. 

RADBlast! $15B in Construction Generated Through RAD

Public housing authorities and their partners have surpassed $15 billion in construction investment since RAD’s inception in 2013.

NAHMA LIHTC Update: Rates for November 2022

Today, the Internal Revenue Service (IRS) issued Revenue Ruling 2022-20, which provides various prescribed rates for federal income tax purposes, including applicable federal interest rates, adjusted applicable federal interest rates, and adjusted long-term and tax-exempt rates for November 2022.

NAHMA HUD Update: HOME and HTF Monthly Reports Now Posted

Please find below recent updates from the HUD Exchange regarding the HOME program and Housing Trust Fund program monthly reports.
>> Read All of HOME and HTF Monthly Reports Now Posted

NAHMA HUD Update: Quick Guide Available for Community Planning and Development Programs

HUD has recently issued a guide for local and state governments titled Quick Guide to Using HUD’s Community Planning and Development Programs. The Quick Guide was created to assist state and local governments in the utilization of their HUD Community Planning and Development (CPD) funds to increase their supply of new affordable housing units, including affordable housing developments financed by LIHTC.

Register for the ConnectHomeUSA Summit - October 25-27th, Online

The ConnectHomeUSA (CHUSA) team is excited to announce that HUD's Deputy Secretary Adrianne Todman will kick off this year's annual virtual CHUSA Summit!  In addition to hosting the Deputy Secretary, we look forward to connecting you to other digital inclusion advocates and celebrating your successes. Check out the piece below for a snapshot of the agenda and be sure to mark October 25 - 27th on your calendar.
>> Read All of Register for the ConnectHomeUSA Summit - October 25-27th, Online

USDA - RD: Multifamily Housing Partnership Presentation

  • By: admin
  • On: 10/13/2022 15:25:32
  • In: RD
Rural Development Multifamily Housing leadership held a meeting providing a quarterly update to our external partners.  The update included information about emergency management notifications, annual financial reports, preservation strategy for 515 portfolio, and lots of other pertinent information and updates.  These meetings will continue to be held on a regular basis, with our next partnership meeting tentatively scheduled for January 26, 2023 at 3:00 p.m. Eastern Time.
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