Senior Citizens League Raises 2024 Social Security COLA Estimate to 3.2% From 3.0%

The Senior Citizens League raised its 2024 COLA estimate to 3.2% from 3% based on latest inflation data.
A 3.2% increase would raise the average monthly benefit by $57.30 to $1,847.
This is much lower than 2023's hike of 8.7%, a four-decade high.
The COLA is based on the CPI-W inflation index over July-September.
The official 2024 COLA will be announced by Social Security Administration in mid-October.

investopedia.com

Relevant topic timeline:

9/3/2023

When will the increase in Social Security benefits be officially announced?

The Social Security Administration (SSA) announces the annual cost-of-living adjustment (COLA) for Social Security and SSI payments in October, with predictions suggesting a potential 3% increase for 2024 based on the consumer price index data.

9/13/2023

2024 Social Security COLA Rises to 3.2%, But Inflation and Medicare Costs Still Eat Away at Benefits

The forecast for next year's Social Security increase has risen to 3.2% from 3% due to a rise in inflation, but the increase is still significantly lower than the 8.7% COLA in 2023, causing concerns for seniors who have struggled to keep pace with inflation and have seen their share of poverty increase.

9/13/2023

Social Security Benefits May Rise $57 Per Month in 2024, But Medicare Costs Could Offset Gains

The Senior Citizens League estimates a 3.2% Social Security cost-of-living adjustment in 2024, potentially raising the average monthly retirement benefit by about $57.30, but the official calculation will be revealed in October and may be influenced by factors such as inflation and Medicare Part B premiums.

10/3/2023

Social Security Benefits to Rise Modestly in 2024 After Large 2022 Bump

Social Security recipients will soon find out the cost-of-living-adjustment increase for 2024, with the latest estimates suggesting a 3.2% rise, significantly lower than last year's 8.7% boost.

10/3/2023

Social Security COLA for 2023 Expected to be Around 3.2%, Lower than Last Year's Historic High

The Social Security Administration is expected to announce a 3.2% increase in the annual cost-of-living adjustment (COLA) for 2024, providing additional financial assistance to the approximately 67 million Social Security beneficiaries with an average monthly benefit of $1,790.

10/9/2023

Social Security Announces 2024 COLA, Earnings Limits, and Wage Cap

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10/12/2023

Social Security Recipients to See Smaller COLA Increase in 2024

The Federal Reserve's efforts to cool inflation will result in a smaller increase in Social Security benefits for 2024 compared to the previous year's spike, with a 3.2% COLA increase.

10/12/2023

Social Security COLA Set at 3.2% for 2024, Lower Increase Than Prior Years

The Social Security Administration has announced that the cost-of-living adjustment for 2024 will be 3.2%, a smaller increase than this year's 8.7%, potentially impacting seniors and beneficiaries who are already struggling to keep up with rising expenses due to inflation.

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Posted 9/13/2023, 8:56:23 PM

Senior Citizens League Raises 2024 Social Security COLA Estimate to 3.2% From 3.0%

The Senior Citizens League raised its 2024 COLA estimate to 3.2% from 3% based on latest inflation data.
A 3.2% increase would raise the average monthly benefit by $57.30 to $1,847.
This is much lower than 2023's hike of 8.7%, a four-decade high.
The COLA is based on the CPI-W inflation index over July-September.
The official 2024 COLA will be announced by Social Security Administration in mid-October.

investopedia.com

Relevant topic timeline:

9/3/2023

When will the increase in Social Security benefits be officially announced?

9/13/2023

2024 Social Security COLA Rises to 3.2%, But Inflation and Medicare Costs Still Eat Away at Benefits

9/13/2023

Social Security Benefits May Rise $57 Per Month in 2024, But Medicare Costs Could Offset Gains

10/3/2023

Social Security Benefits to Rise Modestly in 2024 After Large 2022 Bump

Social Security recipients will soon find out the cost-of-living-adjustment increase for 2024, with the latest estimates suggesting a 3.2% rise, significantly lower than last year's 8.7% boost.

10/3/2023

Social Security COLA for 2023 Expected to be Around 3.2%, Lower than Last Year's Historic High

10/9/2023

Social Security Announces 2024 COLA, Earnings Limits, and Wage Cap

10/12/2023

Social Security Recipients to See Smaller COLA Increase in 2024

The Federal Reserve's efforts to cool inflation will result in a smaller increase in Social Security benefits for 2024 compared to the previous year's spike, with a 3.2% COLA increase.

10/12/2023

Social Security COLA Set at 3.2% for 2024, Lower Increase Than Prior Years