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Most Americans cheer cooling inflation, but Social Security recipients worry COLA for 2024 could end up less than a third of 2023's 8.7% increase.
Based on the June BLS data, the 2024 Social Security COLA will be 3%, according to estimates from The Senior Citizens League, a non-partisan seniors advocacy group. That estimate is up from the ...
The good news is, a much lower COLA in 2024 could lead to lower taxes for some Social Security recipients. According to 401k Specialist, depending on how far a beneficiary is over the base amount ...
Social Security COLA predictions through 2033 According to the 2024 Social Security Trustees Report, the intermediate case calls for a 2.6% COLA for this year (the increase that will start with ...
Following COLAs of 5.9% in 2022, 8.7% in 2023, and 3.2% in 2024, a raise of at least 2.6% would have marked the first time since 1997 that benefits jumped by this amount for four consecutive years.
Unless the U.S. government's September 2023 inflation report drops some kind of unforeseen surprise, you can expect the 2024 Social Security cost-of-living adjustment (COLA) to be somewhere in the...
November 3, 2024 at 7:09 AM. ... This year's 3.2% COLA was above average over the past decade, and 2023's 8.7% COLA was a record-breaker. Social Security cards. Image source: Getty Images. ...
The shortfall was mainly due to the 2022 COLA of 5.9%, which lagged well behind an inflation rate that hovered above 7% for most of the year. Average benefits in 2023 have only recovered about ...