Will Retired Federal Employees Get the 2023 COLA If They Retire in 2022?

Inflation is rising rapidly in 2022 and this has led to a 2023 COLA of 8.7% for federal retirees and Social Security recipients, the largest since 1981. Federal employees who are nearing retirement may be seriously considering whether or not they should retire this year to take advantage of the higher than usual COLA based on the 2023 COLA predictions. However, they may be in for a big disappointment if they do. This video provides more information on how the COLA calculation process works under FERS and CSRS and what it means for a federal employee's monthly annuity payments. Also be sure to see the related article on this topic, Predicting the 2023 COLA and How to Avoid the Surprise of a Lower Annuity Payment (https://www.fedsmith.com/2022/04/09/2023-cola-prediction-how-to-avoid-lower-annuity-payment/) This video is provided courtesy of [FedSmith.com] (https://www.fedsmith.com), a free online news service for current and former federal employees.