Despite easing inflation, next year's social security cost of living adjustment (cola) inched up to 3% from 2.7% last month. The senior citizens league (tscl) forecasts a 2.57%.
The social security administration cannot finalize the 2024 cola without september inflation data, which is. Most americans cheer cooling inflation, but social security recipients worry cola for 2024 could end up less than a third of 2023’s 8.7% increase.
The Social Security Administration Officially Announces The Annual Cola In October, Meaning Recipients Need To Wait A Few More Months Before Finding Out Exactly.
Despite easing inflation, next year's social security cost of living adjustment (cola) inched up to 3% from 2.7% last month.
This Means Larger Checks To The More Than 66.
The social security administration announced that beneficiaries will receive a 3.2% raise starting in january 2024.
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That’s A Huge Drop From This Year’s 8.7% Cola, Which Pushed The Average Monthly.
A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.
Social Security Benefits Will Increase By 3.2 Percent Beginning With The December 2023.