Today's entry is not about PERS. Instead, it is about Social Security. This morning's New York Times has a brief, section A, piece about the decision by the Social Security Administration to NOT award a COLA for recipients in 2010. This is the first time in a very long time that the administration has not awarded a COLA. In 2009, the COLA was 5.8%. Just as I become eligible for Social Security (December), I face the possibility of my first year's benefit without the usual COLA. Thankfully, PERS will be giving out its usual 2% in August, but that is offset by the fact that the 2008 CPI-U for the region was 3.3%. So, while costs of everything seem to be going up, or at least not going down, Social Security has decided we don't get a COLA, and the PERS COLA continues to lag considerably behind the actual cost of living increases.
For those also Medicare eligible, you can expect to see some significant increases in costs for the various supplementary plans that will hurt even more with no SS increase to offset any of the pain.
I'm afraid that for all of us "baby boomers", the collision course has begun. Right now, many of us are fortunate to not be feeling the pain of the current economy, but many others are hurting so badly that it is painful to watch. It is beginning to look as though the poet of our age - Bob Dylan - has hit the nail on the head when he says, beyond here lies nothing. He just may be right.