Potential Cola Increase For 2024. The social security 2024 cola increase was a lower 3.2%. But many retirees are still struggling.
At 3.2%, the social security cola for 2024 is significantly less than half than the 8.7% adjustment beneficiaries received in 2023. This year’s cola amounted to an 8.7% bump for social security benefits, as well as supplemental security income benefits — the biggest increase since 1981 when the inflation adjustment was 11.2%.
But Many Retirees Are Still Struggling.
Social security administration the projected 2025 cola for social security is 2.66%, resulting in another drop.
Social Security And Supplemental Security Income (Ssi) Benefits For More Than 71 Million Americans Will Increase 3.2 Percent In 2024.
As previously reported by gobankingrates, a 3.0% cola would represent a big drop from this year’s cola of 8.7% — the highest since the early 1980s.
The Senior Citizens League Said Wednesday That The Social Security Cost Of Living Adjustment, Or Cola, Will Likely Be 3.2% For 2024.
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The Senior Citizens League Said Wednesday That The Social Security Cost Of Living Adjustment, Or Cola, Will Likely Be 3.2% For 2024.
Social security cola increase could be around 3.2% in 2024, based on latest data
How Much Is The Increase:
That would add about $57 to monthly benefits, raising them.
Social Security's 2024 Cola Will Lift The Average Monthly Benefit For Workers With Disabilities And Survivor Beneficiaries By $48 And $47, Respectively, Leading To Average Payouts Of $1,537 And.