Social BUSINESS beneficiaries

Commencing in 2024, Social Security beneficiaries

will experience an augmentation in their monthly payments, courtesy of the amplified Cost of Living Adjustment (COLA). The Social Security Administration (SSA) consistently enhances the COLA annually, with the objective of balancing beneficiary payments with the prevailing inflation rate. This approach serves to prevent any loss of purchasing power for beneficiaries during periods of high inflation. The COLA is determined by comparing the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W) for the third quarter of the current year with that of the previous year. The variance between the two indices represents the increase in COLA.

Potential Social Security Check Amounts for COLA Increase in 2024

Due to the significant rise in inflation in 2022, reaching its highest point in the past forty years, the Cost of Living Adjustment (COLA) for that year was 8.7 percent. However, recent data indicates a deceleration in inflation, suggesting a lower increase for the upcoming year.

Based on a projection conducted by The Senior Citizens League, a prominent non-partisan organization representing a substantial number of elderly individuals in the United States, the anticipated COLA increase for 2024 is estimated to be 3.2 percent. This would result in an approximate additional $57 for retired workers, who constitute the majority of beneficiaries.

Taking into account the percentage of the possible increase, this is how other Social Security payments would look like:

Retired workers: From $1,827 to $1,885

Elderly couple, both receive benefits: From $2,972 to $3,067

Widowed mother and two children: From $3,520 to $3,632

Elderly widow(er) alone: From $1,704 to $1,758

Disabled worker, spouse and one or more children: From $2,616 to $2,699

All disabled workers: From $1,483 to $1,530

It is worth mentioning that this is only a projection. The figure with the official increase to the COLA will be announced by the Bureau of Labor Statistics (BLS) during the first half of October. Once this happens, the COLA increase would take effect in December so that the increased payments begin to circulate from January 2024.

Commencing in 2024, Social Security beneficiaries will experience an augmentation in their monthly payments, courtesy of the amplified Cost of Living Adjustment (COLA). The Social Security Administration (SSA) consistently enhances the COLA annually, with the objective of balancing beneficiary payments with the prevailing inflation rate. This approach serves to prevent any loss of purchasing power for beneficiaries during periods of high inflation. The COLA is determined by comparing the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W) for the third quarter of the current year with that of the previous year. The variance between the two indices represents the increase in COLA.

Potential Social Security Check Amounts for COLA Increase in 2024

Due to the significant rise in inflation in 2022, reaching its highest point in the past forty years, the Cost of Living Adjustment (COLA) for that year was 8.7 percent. However, recent data indicates a deceleration in inflation, suggesting a lower increase for the upcoming year.

Based on a projection conducted by The Senior Citizens League, a prominent non-partisan organization representing a substantial number of elderly individuals in the United States, the anticipated COLA increase for 2024 is estimated to be 3.2 percent. This would result in an approximate additional $57 for retired workers, who constitute the majority of beneficiaries.

Taking into account the percentage of the possible increase, this is how other Social Security payments would look like:

Retired workers: From $1,827 to $1,885

Elderly couple, both receive benefits: From $2,972 to $3,067

Widowed mother and two children: From $3,520 to $3,632

Elderly widow(er) alone: From $1,704 to $1,758

Disabled worker, spouse and one or more children: From $2,616 to $2,699

All disabled workers: From $1,483 to $1,530

It is worth mentioning that this is only a projection. The figure with the official increase to the COLA will be announced by the Bureau of Labor Statistics (BLS) during the first half of October. Once this happens, the COLA increase would take effect in December so that the increased payments begin to circulate from January 2024.