Most Social Security recipients know that each year The Social Security Administration (SSA) provides an annual cost-of-living adjustment (COLA) based on the rate of inflation in the prior year. What they may not know is that the average monthly benefit paid out changes from month to month as more beneficiaries enter the system.
Yahoo Finance reports that the average Social Security benefit for the 2022 calendar year ending in December was $1,681. Since the start of this year, here are the average monthly benefits reported so far by SSA:
- January: $1,779
- February: $1,782
- March: $1,833
- April: $1,834
Based on the current trends, how high might the average benefit get over the summer? Some analysts predict it could reach $1,889.
Last year’s COLA was 8.7 percent, the highest in 40 years, after a 5.9 percent hike in 2022. What do experts expect it to be for 2024? Given the slowdown in the rate of overall inflation, more expect it to be significantly lower, possibly around 3 percent. The announcement won’t come until later in the fall.
You Deserve Better Social Security Benefits
Here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) hasn’t kept pace with inflation in several recent years, this bill is a must. The amount of $581 was withheld from seniors’ benefits, and it’s time for that money to be returned.
Signing our petition is the first step to take to help. Working together, we’ll show Congress the growing number of people supporting this bill.
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