A year after Social Security benefits increased by 8.7%, recipients should expect a smaller increase for 2024.
The Senior Citizens League is expecting that the cost-of-living adjustment for Social Security recipients in 2024 will be significantly smaller than in 2023.
According to its projections, Social Security is expected to increase benefits by 3% in 2024. The Social Security Administration will announce 2024's cost-of-living adjustment in October. Increases would then take effect two months later. The last cost-of-living adjustment came in December 2022, when the Social Security Administration increased 2023 payments by 8.7%. The 2023 increase was the highest cost-of-living adjustment made by the Social Security Administration since 1981.
The Social Security Administration says it bases its cost-of-living adjustment on the consumer price index for urban wage earners and clerical workers. The Bureau of Labor Statistics releases consumer price index data monthly. As of June 2023, the consumer price index is up 4% compared to the year prior.
The Senior Citizens League notes that cost-of-living adjustments haven't done a good job of keeping up with seniors' everyday expenses. According to the Senior Citizens League, people who retired before 2000 have lost 36% of their buying power. On average, these retirees — most of them over age 85 — would need an extra $516 a month to maintain the same buying level as they had in 2000.
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