Social Security’s cost of living adjustment is a necessity for a lot of Americans, most especially retirees. Senior poverty would be higher if not for Social Security.
Social Security’s cost of living adjustment for 2024 will be announced in less than two months. As of August, there is an estimate of 3% in the cost of living adjustment for 2024.
According to The Motley Fool, the bureau of labor statistics will release on October 12 the September inflation which is the final piece needed to calculate social security’s cost of living adjustment for 2024.
In 2023, beneficiaries received a large benefit of 8.7%. The retired workers’ check increased by $146 per month, which represented the biggest year-over-year nominal dollar jump since Social Security’s inception.
The cost of living adjustment for 2024, based on early estimates, could rise to at least $51 per month for the average Social Security check. But while Social Security’s beneficiaries will receive a bigger payout for the cost of living adjustment for 2024, the reality is that COLA has been doing them a disservice since the beginning of the new century.
The beneficiaries benefit for the cost of living adjustment for 2024 may be higher but their purchasing power is slowly going down.
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Social Security’s cost of living adjustment for 2024 will likely see an increase.
According to AARP, senior economic analyst at Bipartisan Policy Center, Emerson Sprick, stated that the cost of living adjustment for 2024 will rise at about 3 percent. He also stated how a 3 percent cost of living adjustment for 2024 would be a sign that the inflation is slowly getting under control.
All forms of benefits from retirement to disability will receive that cost of living adjustment for 2024. The adjustment will take effect in December Social Security payments, which will be received by the beneficiaries in January 2024.