Social Security Benefits 2024 (COLA): Estimate Rate & Payment Schedule

The Social Security Administration announces the cost-of-living adjustment, or COLA, for the following year every October. The COLA is determined after a review of inflation data and rate accounts. Amid ever-increasing costs, upcoming changes to Social Security benefits may affect Americans living on fixed incomes.

Cold inflation may be why Social Security benefits will not increase in 2024. Estimates suggest that retirees will not find a proper cost-of-living adjustment anywhere in the 3% range. At around 3%, it can feel like a dip for many seniors on a tight budget.

Social Security COLA Increase in 2024:

The most significant COLA increase since 1981 is 8.7% in 2023. It was the highest in four decades. An additional 3% bump following the 2023 COLA would lead to only a $35 increase in the 2023 payout, creating a gain of $1,186 in 2024. 3% is considered a low rate of growth by many. “Jeremy Keil said, “COLA is directly linked to inflation, although the 2024 COLA is likely lower.

The COLA is so high in 2023 because inflation was higher in 2021 and 2022. 2024 cola indicates cooling inflation: “Before 2022, the 30-year COLA averaged 2.4%, so expect inflation to return to ‘normal,'” according to Keil.

3% COLA 2024 for Social Security Beneficiaries:

The Social Security program provides unique benefits to millions of retired workers, spouses, survivors, and disabled workers each month. Below is an estimate for 2024 based on a 3% COLA forecast. A 3% COLA in 2024 provided below means the average retired worker could receive an additional $55.12 in monthly benefits, spouses an extra $26.79, survivors an additional $43.56, and disabled workers an additional $44.59 monthly.

Will COLA 2024 Keep Pace with Inflation?

According to studies by the Center for Retirement Research, Social Security benefits generally keep pace with inflation over the long term but can lag during short-term inflation. In 2024, inflation may cool and move below the COLA level. According to Mark Hulbert, inflation is on the way down.

Healthcare costs are coming down, but unfortunately, housing costs have increased quite a bit, Johnson added. Inflation may drop significantly in 2024 from last year. So, it can be assumed that COLA 2024 will struggle to keep pace with inflation.

Social Security Benefits Payment Date 2024

For those receiving only SSB, here is your monthly payment schedule for 2024:

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