2024 Social Security COLA Increase , May Be Higher Than Expected.
On Sept. 13, the Senior Citizens League
said that the 2024 cost of living
adjustment (COLA) will probably be 3.2%.
On Sept. 13, the Senior Citizens League
said that the 2024 cost of living
adjustment (COLA) will probably be 3.2%.
The increase would amount to another $57 a month for the average recipient, the group estimates.
The COLA is calculated "based on the
Consumer Price Index for Urban Wage Earners
and Clerical Workers (CPI-W)," NBC News reports. .
That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics. .
That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics. .
In July and August of this year, the
CPI-W rose 3.6% and 3.4%, respectively.
In 2022, inflation reached a 40-year high.
The Federal Reserve has increased the
benchmark U.S. interest rate to be at its highest level in over 20 years in an attempt to cool inflation.
While the Fed's tactics have somewhat
slowed the economy this year, inflation
is still higher than it was in the 2010s.
Because of this, the Senior Citizens League says
that benefit amounts aren't enough to keep up with the
rising "cost of goods and services," NBC News reports. .
For example, anyone who retired before 2000
would require $500 more in benefits each month to reclaim "the purchasing power they had in 2000," NBC News reports. .
The official COLA increase will be announced by
the Social Security Administration in mid-October