…..just breaking…..increase will be 3.2%…….



Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year's record-setting increase

....Social Security beneficiaries will see a 3.2% boost to their benefits in 2024, the Social Security Administration announced on Thursday.

The annual cost-of-living adjustment for 2024 will affect more than 71 million Social Security and Supplemental Security Income beneficiaries. These benefit adjustments are made annually to help benefits keep place with inflation.

How much retirees can expect

The change will result in an estimated Social Security retirement benefit increase of $50 per month, on average. The average monthly retirement benefit for workers will be $1,907, up from $1,848 this year, according to the Social Security Administration.

Most Social Security beneficiaries will see the increase in their monthly checks starting in January. SSI beneficiaries will see the increase in their December checks.

Just how much of an increase retired beneficiaries will see in their Social Security checks will also depend on the size of the Medicare Part B premium for 2024, which has not yet been announced.

Typically, Medicare Part B premium payments are deducted from Social Security checks. The Medicare trustees have projected the average monthly premium may be $174.80 in 2024, up from $164.90 in 2023.

How the 2024 COLA compares

The 2024 benefit increase is much lower than record 8.7% cost-of-living adjustment Social Security beneficiaries saw this year, the biggest boost in four decades in response to record high inflation. It is also lower than the 5.9% cost-of-living adjustment for 2022.

The average cost-of-living adjustment has been 2.6% over the past 20 years, according to The Senior Citizens League, a nonpartisan senior group......



……..increase for next year……?!

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I reject your reality and substitute my own!



Edited 3 time(s). Last edit at 10/12/2023 04:44PM by NewtonMP2100.

The Walmart checkout line is gonna be a-hoppin' this morning!

Let the complaining begin... it is less than last year WAHHHH!!!!!

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“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late

The other shoe won’t drop until they announce the increase in Medicare for 2024. That will probably eat up any piddling increase in SS.

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PeterW
The other shoe won’t drop until they announce the increase in Medicare for 2024. That will probably eat up any piddling increase in SS.

If you were in a position where Social Security was your ONLY income, YOU might have a different ATTITUDE!!!

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Bill
Flagler Beach, FL 32136

Carpe Vino!

Fermentation may have been a greater discovery than fire.
— David Rains Wallace

My apologies to Peter, I meant to quote this cad

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Ombligo
Let the complaining begin... it is less than last year WAHHHH!!!!!

If you were in a position where Social Security was your ONLY income, YOU might have a different ATTITUDE!!!

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Bill
Flagler Beach, FL 32136

Carpe Vino!

Fermentation may have been a greater discovery than fire.
— David Rains Wallace

Doesn't seem that increase will cover or even keep up with the years inflationary spiral.

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RgrF
Doesn't seem that increase will cover or even keep up with the years inflationary spiral.

Yet it is designed to do just that.

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.