The Social Security Administration recently announced the COLA
The Social Security Administration has announced a modest cost-of-living adjustment (COLA) for 2024, in contrast to the substantial increases of 8.7 percent in 2023 and 5.9 percent in the previous year.
These prior increases were driven by inflation and were the most significant hikes since the early 1980s. While the 2024 COLA is notably lower, it still provides some adjustment for Social Security recipients to help them address rising living costs.
“We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees,” the Social Security website reads.
“But if you want to know your new benefit amount sooner, you can securely obtain your Social Security COLA notice online using the Message Center in your personal account.
“You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. Since you will receive the COLA notice online or in the mail, you don’t need to contact us to get your new benefit amount.”
What is the COLA for 2024?
Despite this drop, the 3.2 percent COLA is still above the average of the past two decades, which has been 2.6 percent. This annual adjustment is calculated based on inflation data from August through October, and it has cooled down from the nearly four-decade highs of the previous year.
How much are SSDI Benefits increasing next year?
The Supplemental Security Income (SSI) for 2024 has increased by 3.2 percent. However, concerns persist as high prices affect seniors’ financial well-being, with over two-thirds reporting a minimum 10 percent rise in household expenses compared to the previous year, based on a survey by The Senior Citizens League.
When will your SSDI payments increase in 2024?
In 2024, more than 71 million Americans will see a 3.2 percent increase in Social Security and SSI payments. This will result in an average monthly boost of over $50 for Social Security retirement benefits starting in January.
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