Social Security: how much money will your check increase by 2024?
According to the organization, it has estimated that the COLA for 2023 would be 3%, which would mean an increase of $55.12 per month
It was October 2022 when the Social Security Administration (SSA) unveiled the Cost of Living Adjustment (COLA) that would give the largest increase in the last 40 years and would be reflected in retirees’ incomes during 2023. As a result, seniors saw their paychecks grow by 8.7% per month. The outlook for 2024 income is very different.
According to the Senior Citizens League, which represents retirees in the U.S. and is a nonpartisan organization, the COLA for 2024 will be much lower than it was in 2023, due to declining inflation levels.
According to the organization, it has calculated that the COLA for 2023 would be 3%, which would mean an increase of $55.12 dollars. This increase will be for those receiving retirement benefits, survivors and workers with disabilities.
If a 3% increase were to pass, spouses would receive an increase of $26.79, survivors would get $43.56, and disabled workers would receive $44.59.
The average amounts would be as follows:
-Retirees: $1,892.41 dollars
-Spouses: $919.80 dollars
-Survivors: $1,531.01 dollars.
It should be noted that these are only estimates and that it will not be until early October 2023 that the Social Security Administration will announce the percentage assigned for the 2024 COLA.
The COLA is measured using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation and changes in the cost of living and takes into account the inflation of August, September and October to take the measure.