Projected 2024 Cola Increase. Of the 2024 trustees report; July and august inflation reports suggest next year’s boost likely to be around 3%,.
Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. The cola for 2024 was 3.2%, meaning beneficiaries received a 3.2% boost in benefits starting in january.
The Adjustment Is Far Lower Than The 8.7% Benefit Boost For 2023.
The social security 2024 cola increase takes effect in january 2024 and translates to an average increase of $59 per month for people receiving social security.
How Much Will Benefits Increase Next Year?
The 2024 cola percentage is determined by the annual rate of inflation measured by the consumer price index (cpi), which was 4.12% for 2023.
This Year’s 4.12% Inflation Rate.
Images References :
Social Security Benefits Increase In 2024.
Here's what that means for you.
Calendar Year Cola (Percent) Increase In Awi (Percent) 2023:
Of the 2024 trustees report;
The Lowest Cola Was 0.0% In 2016, And The Highest Was 8.7% In 2023.
