Social Security COLA , Will Be 3.2% in 2024.
The Social Security Administration (SSA) made
the announcement on Oct. 12, CNN reports.
The cost-of-living adjustment
(COLA) for next year will be 3.2%.
That percentage is significantly lower
than the 8.7% increase for 2023
and the 5.9% increase for 2022.
The boost, which is still higher than the
20-year average of 2.6%, is based on inflation
data from August-October, CNN reports. .
It’s a small amount, but it’s providing
some cushion. We have the hope that
things are going to be more affordable, Mary Johnson, Social Security policy analyst
at The Senior Citizens League, via CNN.
On Oct. 12, the Bureau of Labor Statistics
announced that the Consumer Price Index
rose 3.7% in September year over year.
Since 2000, Social Security recipients have
lost 36% of their buying power due to inflation,
according to a Senior Citizens League study.
In order to currently keep up with the
level of buying power in 2000, benefits
would need to go up by $517 monthly.
My income doesn’t leave me much
after paying bills and buying groceries.
I don’t know if I’ll ever have enough, Carl Brown, age 70, Social Security recipient in New York City, via CNN.
Approximately 71 million people depend
on Social Security benefits, CNN reports.