Social Security recipients will receive an annual cost-of-living adjustment of 3.2% for 2024, a much smaller increase than the inflation-fueled boosts of the past two years.
Social Security recipients will receive an annual cost-of-living adjustment of 3.2% for 2024, a much smaller increase than the inflation-fueled boosts of the past two years, the Social Security Administration announced Thursday.
A related metric, the Consumer Price Index, increased 3.7% in September, compared with a year ago, the Bureau of Labor Statistics announced Thursday.Though the annual adjustment is aimed at helping Social Security’s roughly 71 million recipients contend with rising prices, benefits haven’t actually kept pace for years. Many older Americans rely heavily on their monthly payments to cover their living expenses.
“That money’s gone,” said Tom Freyer, 72, who worked in advertising. “That money goes in the gas tank. It goes to the grocery bill.” Some advocates would like to see the annual benefit increase tied to an experimental index that measures inflation experienced by the elderly, rather than the current metric, which reflects price changes for urban wage earners and clerical workers. The former puts more weight on cost increases for health care, which makes up a much larger share of seniors’ spending.
Those expenses eat away at her monthly Social Security payment, making it harder for her to afford other necessities, including food. A vegetarian, she was shocked to recently find that a single red bell pepper cost $2. This year, the standard monthly premiums are $164.90, a decrease of $5.20 from 2022, which saw a large spike in premiums.California has 6 of the most-valuable housing markets in US
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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Social Security’s COLA will rise 3.2% in 2024 vs. 8.7% in 2023Jessica Hall is a retirement reporter for MarketWatch.
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Social Security benefits will increase by 3.2% in 2024 as inflation moderatesMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024. That's far less than this year’s historic boost and reflects moderating consumer prices. The Social Security Administration says recipients will get more money every month, beginning in January.
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