2023-08-12 Economy
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Seniors Told To Brace For Far Lower Social Security Payment Boost In 2024
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[ET via ZERO] The 2024 cost-of-living adjustment (COLA) increase for Social Security recipients is likely to be a fraction of what it was in 2023 and a disappointment to many seniors, according to a nonpartisan seniors group, which found that some eight in 10 retirees report they're still reeling from inflation.
But they vote Dem so it's not Bidenflation?
The latest COLA estimate from The Senior Citizens League (SCL) is around 3 percent, which amounts to a roughly $54 increase in the current average monthly benefit check of $1,789.
The estimate could still change, however, with SCL saying it will release its final projection for the 2024 COLA on Sept. 13.
The Social Security Administration (SSA) is expected to announce the actual COLA for 2024 sometime in mid-October.
To arrive at its official calculation, the SSA takes the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) during the third quarter of 2023 (which includes July, August, and September). This figure is then compared to the corresponding data from the previous year.
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Posted by Besoeker 2023-08-12 04:51||
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