Article

2023-08-12 Economy

Seniors Told To Brace For Far Lower Social Security Payment Boost In 2024

[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.

Posted by Besoeker 2023-08-12 04:51|| || Front Page|| [11138 views ] Top

#1 To arrive at its official calculation, the SSA takes

A walk to the grocer's meat counter.

Posted by Besoeker 2023-08-12 05:00|| 2023-08-12 05:00|| Front Page Top

#2 ...Keeping an eye on this because I am three years and six months out from Social Security myself. My understanding is that the rate increase is tied to inflation...so the Biden Administration will lie, cheat and steal by saying, "See? You got a lower raise because inflation's not that bad - yay, us."

Mike

Posted by Mike Kozlowski 2023-08-12 06:09|| 2023-08-12 06:09|| Front Page Top

#3 CRFB says that any 2024 presidential candidate who "pledges not to touch Social Security is implicitly endorsing a 23 percent across-the-board benefit cut for the 70 million retirees" when the fund runs out of money within 10 years.

Had the dollars from Social Security fund been used for Social Security only, there would be plenty of resources today. Some years ago, the gov't began putting those dollars in the general treasury. Therein lies the problem.

Allowing politicians access to Other People's Money (OPM) was simply too tempting.

Posted by Besoeker 2023-08-12 07:09|| 2023-08-12 07:09|| Front Page Top

#4 But there seems to be no shortage of $$$$$$$$ for Ukraine, the 3rd world, LSD Give'mes,and yes DC Pockets.

Posted by NN2N1 2023-08-12 08:00|| 2023-08-12 08:00|| Front Page Top

#5 Had the dollars from Social Security fund been used for Social Security only, there would be plenty of resources today. Some years ago, the gov't began putting those dollars in the general treasury. Therein lies the problem.

Only if the US had invested in some Real World™ tangible and fungible commodity. Gold, silver, oil, or Cabbage Patch™ dolls and not imaginary 'electronic money' that is in the fantasy Social Security Lockbox. Of course as soon as the US Treasury started buying and selling commodities the 'market disruptions' would quickly follow ...and the corruption would soon stink to the heavens.

Posted by magpie 2023-08-12 08:55|| 2023-08-12 08:55|| Front Page Top

#6 Well, if the Fauci Flu vaccine polishes off SSA recipients over the next few years (about the time SSA goes really broke), then it might all work itself out.

Posted by DooDahMan 2023-08-12 09:00|| 2023-08-12 09:00|| Front Page Top

#7 Not to worry - the corresponding Medicare increase will zero out the government payments.

Posted by Bobby 2023-08-12 09:36|| 2023-08-12 09:36|| Front Page Top

#8 Bobby, 100% right.

Posted by Deacon Blues 2023-08-12 10:14|| 2023-08-12 10:14|| Front Page Top

#9 Not to worry!

The government will announce the 'Retirement Affordability Act' which will pool everyone's 401K's, Pensions, and IRA's into a national pool which will be paid out to everyone equally!

Even Illegals [as long as they vote right] and Imaginary Friends [of the right people].

Vote for it Today!

Posted by CrazyFool in Texas 2023-08-12 11:07|| 2023-08-12 11:07|| Front Page Top

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