Potential Cola Increase For 2024. The ssa increases the cola in response to inflation, which means that a hefty cola jump — like last year’s 8.7% — reflects a serious bump in the costs of goods and services. That adds about $50 monthly to the average.
There’s a chance the 2024 cola could drop below 3% if the september inflation rate is especially low. The final cola for 2025 will be announced in october.
Be Prepared For Your Clients’ Questions About The Smaller Cola For 2024 And Increase Your Value By Helping Them Maximize Their Potential Social Security Benefits.
The latest cola is 3.2 percent for social security benefits and ssi payments.
Potential History In The Making For Social Security Might, Once Again, Come At The Detriment Of The Program's Retirees.
A cola boost of 3.2% would amount to a little more than $57 extra each month for someone who is receiving $1,790 a month, the average social security monthly retiree benefit, according to.
Potential Cola Increase For 2024 Images References :
The Ssa Increases The Cola In Response To Inflation, Which Means That A Hefty Cola Jump — Like Last Year’s 8.7% — Reflects A Serious Bump In The Costs Of Goods And Services.
But it’s still below the 3.2% increase afforded to social security recipients in 2024, and nowhere near the 8.7% and 5.9% increases for 2023 and 2022’s recipients, respectively.
The Social Security Administration Announced On October 12, 2023, That Benefits Will Increase By 3.2% In 2024, A Far More Modest Increase Than Recipients Saw In 2022 And 2023.