By 2024 -on average- a retired worker will receive An additional $55.12 in your monthly Social Security check for COLA (Adjusted for cost of living), indicate preliminary estimates.
The Senior Citizens League, a national non-partisan organization that represents retirees, anticipated that next year this sector will not see a considerable increase in the funds distributed by the Social Security Administration (SSA), contrary to what was documented this year.
Retirees and other groups currently receive checks from SSA that reflect a COLA of 8.7%, one of the highest in Social Security history.
However, in 2024 the COLA figure would be much lower due to a drop in inflation levels.
The entity has calculated that in 2024 it would apply a COLA of 3%. Starting from that number, the increase in the monthly check of a retiree would be on average $55.12; while spouses of retirees would receive an additional $26.79 on average; survivors, $43.56 more; and disabled workers, an extra $44.59 per month.
In terms of the total monthly check, a USA Today report citing SSA data, a retiree who last June earned an average payment of $1,837.29 would receive $1,892.41 next year; spouses of retirees, $893.01 versus $919.80; survivors, $1,451.85 versus $1,495.41; and disabled, $1,486.42 versus $1,531.01.
The end of the COLA is help retirees and other recipients of Social Security programs like SSI (Supplemental Security Income) to have enough purchasing power to deal with the increase in cost of products and services due to inflation.
The COLA figure is established through the Consumer Price Index for Workers Wage earners in urban areas and administrative workers (CPI-W).
The index is a comparison of the inflation levels of the third quarter of the current year (July, August and September) and that of the previous year. If the current CPI-W is higher than the previous one, Social Security recipients will receive an increase next year.
The next COLA increase will take place in October.
COLA increase in Social Security checks by 2024 would be only 3%, experts estimate
14.3% is the highest COLA increase in Social Security history