The upcoming cost-of-living adjustments have brought some good news for Social Security beneficiaries in January 2024, with an increase of 3.2% in payments.
Cost-of-Living Adjustments in 2024 (Photo: plansponsor)
Cost-of-Living Adjustments in 2024
According to the Washington Examiner, the cost-of-living adjustments have increased by 3.2%, which will cost the government billions of dollars, increasing the Social Security Payments by $47 billion. These cost-of-living adjustments will start in January 2024.
This news has brought good news to Social Security beneficiaries after how hot the inflation was in the past years. Additionally, the acting commissioner of Social Security, Kilolo Kijakazi, noted that these cost-of-living adjustments in 2024 will greatly help the beneficiaries keep up with prices.
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Social Security Cost-of-Living Adjustments Update: Inflation Down, But Costs Expected to Rise
According to Kiplinger, the inflation has decreased over the year from 2022; however, it is still higher than desired. The Federal Reserve anticipates that inflation will continue to decline throughout the rest of the year, which could be fortunate for many retirees.
Marc Goldwein, a senior policy director of the Committee for a Responsible Federal Budget, says increased costs are within expectation. The Social Security Administration will pay out approximately $47 billion next year due to the expected cost-of-living adjustments of around 3.2%. However, he stated that this is not a new cost, but a cost that was already in anticipation of the experts.
