Projected 2024 Cola Increase. In 2023, it was 8.7%. At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%.
Given the recent high cola of 8.7% in 2023 and the anticipated lower increase in 2024, individuals nearing retirement should weigh the benefits of claiming. The higher cola adjustment was the third this year after the reacceleration of inflation each month in 2024.
That Would Add About $57 To.
The cola for 2022 was 5.9%.
That’s A Huge Drop From This Year’s 8.7% Cola, Which Pushed The Average Monthly Check Up By About $146.
At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%.
While This Represents A Significant Boost In Social Security.
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Social Security Benefits Will Increase By 3.2 Percent Beginning With The December 2023.
As previously reported by gobankingrates, a 3.0% cola would represent a big drop from this year’s cola of 8.7% — the highest since the early 1980s.
That’s A Huge Drop From This Year’s 8.7% Cola, Which Pushed The Average Monthly Check Up By About $146.
Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.
While This Represents A Significant Boost In Social Security.