Dan Sipe and Ed Zurndorfer are back to educate listeners on the latest news about COLA for recipients in 2023. Ed navigates eligibility, how it is determined, and what you can do to maximize this benefit.
FEDLIFE Podcast (ep. 85): The 2023 Cost-of-Living Adjustment (COLA) for FERS, CSRS, and Social Security
The Office of Personnel Management (OPM) recently announced the 2023 cost-of-living adjustment (COLA) for CSRS and FERS annuitants. Interestingly enough, the OPM has announced an 8.7% adjustment for CSRS, meaning 7.7% for FERS annuitants.
If you’re a recipient and you’re wondering what to do next, this episode will answer all your questions plus provide you with concrete examples. Dan Sipe and Ed Zurndorfer are back to educate listeners on the latest news about the adjustment for recipients in 2023. Ed navigates eligibility, how it’s determined, and what you can do to maximize this benefit.
Dan and Ed discuss:
- COLA versus pay raise for federal employees
- Tips on calculating your COLA payments
- How CSRS and FERS annuitants’ COLA payments are calculated
- Why the first-year COLA payment differs from the rest
- The role of retirement age when it comes to COLA
- And more!
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