Posted 10/7/2023, 9:00:00 AM
Social Security Benefits to Rise Modestly in 2024, Far Below 2023 Levels
- Social Security COLA for 2024 expected to be around 3.1-3.2% based on inflation trends, much lower than 2023's 8.7%
- COLAs intended to help recipients deal with rising costs, based on CPI-W inflation measurement
- Final 2024 COLA % will be revealed on Oct 12 when missing CPI-W figure is released
- Higher Medicare Part B premiums expected in 2024, potentially reducing net COLA amount retirees receive
- Medicare costs rising due to new Alzheimer's drug coverage, premiums could increase around 9%
