In the lead-up to the year 2024; Social Security beneficiaries are keeping a “close eye” on the projected —“Social Security COLA increase 2024.”
3.2% Social Security COLA increase 2024: What this means for MILLIONS of American Beneficiaries
This eagerly awaited Social Security COLA increase 2024 adjustment (based on the Consumer Price Index for Urban Wage Earners and Clerical Workers) is estimated at 3.2% for the year 2024.
Veritably, this 3.2% Social Security COLA increase 2024 is more than promising for beneficiaries. However, it’s also essential to “dredge deeper” into what this 3.2% Social Security COLA increase 2024 means for the MILLIONS of Americans who rely — on Social Security checks.
See reference here: THE SOUTH FLORIDA REPORTER
What’s more, the 3.2% Social Security COLA increase 2024 is higher than the 20-year average. On the other hand, the 3.2% Social Security COLA increase 2024 may not fully offset the rising costs of living in America especially… for American retirees who often live on “fixed incomes.”
READ ALSO: Paid Sick Leave Laws By State 2023: A Background Navigation
Will The Social Security COLA Increase 2024 Commensurate Anticipated Increase In Medicare Premiums
One crucial factor to consider (correlating the 3.2% Social Security COLA increase 2024 ) is the anticipated increase in Medicare premiums for 2024. This astounding forthcoming increase in Medicare Premiums could potentially “reduce” the actual benefit 3.2% Social Security COLA increase 2024 — to as low as $40 per month.
The announcement of the official 3.2% Social Security COLA increase 2024 is expected in October this year. But the true impact of Social Security COLA increase 2024 won’t be known until “Medicare premiums” are disclosed, possibly this November 2023.
See reference here: THE CNET
Advocates have long argued that Social Security COLA increase 2024 inadequately keep pace with inflation. In addition to what has been said, COLA Advocates emphasized the need for a more “comprehensive metric” that considers — the “unique financial challenges” faced by older Americans.
The impending question still remains: will this 3.2% Social Security COLA increase 2024 boost be sufficient to meet the evolving needs of Social Security recipients — amidst the “ever-changing” economic topography?
READ ALSO: Disneyland Annual Pass News: $9.5 Million Settlement Resolves Class-Action Lawsuit