Social security benefits will increase by 3.2 percent beginning with the december 2023. Since the federal reserve appears to have made progress on the inflation.
Retirees on social security receive an increase of their social security benefits each year known as the cost of living adjustment or cola. There’s a chance the 2024 cola could drop below 3% if the september inflation rate is especially low.
The Cola In 2022 Was A 5.9% Increase, And It Was 8.7% Last Year.
While this represents a significant boost in social security.
In 2024, The Cola Increase For Social Security Beneficiaries Is 3.2%.
The answer depends on when you start claiming benefits.
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While This Represents A Significant Boost In Social Security.
The answer depends on when you start claiming benefits.
That’s A Huge Drop From This Year’s 8.7% Cola, Which Pushed The Average Monthly.
But in a quirk of the calendar, social security beneficiaries are likely to miss out on another large improvement to their buying.