Social Security COLA Will Be 3.2% in 2024

Social Security COLA Will Be 3.2% in 2024

Social Security COLA , Will Be 3.2% in 2024.

The Social Security Administration (SSA) made the announcement on Oct.

12, CNN reports.

The cost-of-living adjustment (COLA) for next year will be 3.2%.

That percentage is significantly lower than the 8.7% increase for 2023 and the 5.9% increase for 2022.

The boost, which is still higher than the 20-year average of 2.6%, is based on inflation data from August-October, CNN reports.

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It’s a small amount, but it’s providing some cushion.

We have the hope that things are going to be more affordable, Mary Johnson, Social Security policy analyst at The Senior Citizens League, via CNN.

On Oct.

12, the Bureau of Labor Statistics announced that the Consumer Price Index rose 3.7% in September year over year.

Since 2000, Social Security recipients have lost 36% of their buying power due to inflation, according to a Senior Citizens League study.

In order to currently keep up with the level of buying power in 2000, benefits would need to go up by $517 monthly.

My income doesn’t leave me much after paying bills and buying groceries.

I don’t know if I’ll ever have enough, Carl Brown, age 70, Social Security recipient in New York City, via CNN.

Approximately 71 million people depend on Social Security benefits, CNN reports.