2024 Social Security Increase: Here’s The Latest COLA Estimate

According to a report from Senior CitizensLeague, the 2024 Social Security increase is up to 3% for citizens across the United States. The latest estimates for the COLA are subject to change to a lower benefit increase in 2024 as inflation continues to subside.

2024 Social Security Increase Estimated At 3% [Photo: Money]

Social Security News

SOURCE– Over the past 10 years, the average monthly inflation rate of Social Security cost-of-living adjustment (COLA) was 2.6%. However, the Social Security COLA is about to change, the average monthly inflation rate will increase slightly at 3%  next year based on July price data. The Social Security COLA, 3% increase will see an average monthly benefit of $1,789 by $53.70.

The latest estimate comes despite cooling inflation which affects Social Security benefit adjustments. The Consumer Price Index (CPI) estimates the average cost of consumer goods & services, and Social Security Administration uses it to calculate the annual COLA increase. The July CPI is important because the COLA depends on inflation during the 3rd quarter: July, August, and September.

The 2024 Social Security increase in COLA will receive in January 2024. The little increase is good news for American citizens because it can help their daily expenses. The official announcement of cost-of-living adjustment (COLA) will be scheduled on October 12, 2023. Prepare yourself for the announcement to have new information about the 2024 Social Security increase.

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