We’re less than a month away from the announcement from the Social Security Administration of its 2024 cost-of-living adjustment (COLA). Financial analysts have been predicting a 3.0 percent hike. But a recent spike in inflation in August now has the projection slightly up to 3.2 percent. On the average monthly benefit of $1,790, that would mean a $57.30 increase, well below the 2023 COLA of 8.7 percent.
The annual COLA is determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the months of July, August, and September each year. To calculate the final percentage, the 2022 results for those three months are compared to the 2023 results.
The National Institute on Retirement Security reports that 40.2 percent of American retirees rely solely on Social Security for income. More are concerned about the program’s future because of the ongoing drain on the Social Security Trust Fund. The fund, known as Old-Age & Survivors Insurance, is predicted to default in 2033.
Retirees Need More Money in Their Pockets
Here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. You need this bill to make up for inadequate annual Social Security cost-of-living adjustments (COLAs) that have shortchanged seniors over a series of years. If we succeed, seniors will be reimbursed the $581 that’s belonged in their benefit all along.
Signing our petition is the first step you can take to help. We’ll greatly appreciate your help in returning this money to seniors.
We’d love for you to connect with us on Facebook and Twitter!