In certain cities, this number can get even higher. make sure you're on a federal government site. The Consumer Price Index (CPI) is a measures of the average change in prices over time in a fixed market basket of goods and services. We moved from Brooklyn to North Plainfield in 1985. New Jersey is often broadly divided into three geographic regions: North Jersey, Central Jersey, and South Jersey. The NEW YORK-NEWARK, NY-NJ-CT-PA General Schedule locality region applies to government employees who work in New York City and surrounding areas. Purchasing a home can be a lengthy and complex process. In New Jersey, the COLA calculation is 60 percent of the Consumer Price Index (CPI) annually. Nonalcoholic beverages and beverage materials(1), Owners' equivalent rent of primary residence(2), Tuition, other school fees, and child care(1). Based on the increase in the Consumer Price Index, there will be a 2.8 percent Cost of Living Adjustment (COLA) for most retired pay and Survivor Benefit Plan annuities, and the Special Survivor Indemnity Allowance (SSIA), effective December 1, 2018. Benefit rates in cases with dates of loss prior to January 1, 2019 do not get this higher rate – New Jersey does not have a cost of living increase for established claims. Other goods and services, up 3.4 percent, and household furnishings and operations, up 2.3 percent, drove the overall category increase. Food prices rose 4.1 percent and shelter prices, 1.3 percent. If you own a home in your former location the sale of that home needs to be completed as well. - 7/24/2019 I have lived in New Jersey for 10 years and its has been very tough to get by, high cost of food, High tax, Rent on average is about 1900 a … not a Coke or Pepsi Cola but a Cost of Living Adjustment (COLA). The AMT exemptions and exemption phaseouts are also indexed. Therefore, we increase the current amounts by 2.8 percent to $43 and $82 for 2019. This 2.5% adjustment yields a maximum annual contribution of $154,518.75. The food index increased 0.3 percent in December, after edging down 0.2 percent in November. SSI payment rates increase with COLA. The most common instance of cost of living adjustments is the increase of Social Security benefits applied by the government each year. Energy prices declined 4.9 percent, largely the result of a decrease in the price of gasoline. The BLS January 2020 report indicated that wages and salaries increased by 2.9% for year ending December 2019. General Schedule employees who work within this region are paid 33.98% more than the GS base pay rates to account for local cost of living. During July 2019, the FY 2020 state budget was signed into law and it included a retiree COLA (Cost-of-Living Adjustment). In December, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 278.844, up 0.4 percent over the month. Accordingly, month-to-month changes may reflect the impact of seasonal influences. The dollar fee limits are subject to increase by the cost-of-living increase, with the resulting amounts rounded to the nearest whole dollar amount. Proposal has more effect on those close to retirement. The .gov means it's official. Since 1975, Social Security general benefit increases have been cost-of-living adjustments or COLAs. Are the other cities on your list more or less affordable than your current home? Any child support order paid through Probation that was issued after September 1, 1998 is subject to a COLA increase every two years. The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. 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