Social Security COLA Increase 2024: How Much Could Monthly Payments Rise?

Inflation necessitates yet another increase to Social Security payments beginning in January 2024. According to the Senior Citizens League, the annual cost-of-living

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increase (COLA) for Social Security recipients in 2019 will be 3.2 percent, based on data from August.The Social Security Administration will increase benefits by the

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COLA if there has been an annual increase in the CPI (which there has been every year since 2022). On October 12th, when the official inflation data for the

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third quarter of 2023 are revealed, we will have a definitive answer as to the precise amount of the 2024 Social Security COLA.It is projected that the Social Security

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payment increase due to the COLA will be 3.2%. See below for a breakdown of new payment averages by recipient type in the year 2024. The Social Security

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Administration won't decide on 2024's cost-of-living adjustment (COLA) until around the middle of October, because it depends on inflation during the third

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quarters of 2022 and 2023.The cost of living adjustment (COLA) will be reflected in your monthly payments beginning in January 2024. Depending on your

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birth date and the date you first received Social Security payments, the increase will be included in your monthly cheque.

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