Connect with us

Hi, what are you looking for?

Editor's Pick

Social Security recipients will see a cost-of-living increase of 3.2% in 2024

Social Security benefits will increase by 3.2% in 2024, the Social Security Administration announced Thursday morning.

That adds about $50 monthly to the average retirement benefit consumers will receive beginning in January. The annual increases are called cost of living adjustments, or COLAs.

The agency said people on Social Security will start getting the increased payments on Dec. 29.

‘Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,’ said Kilolo Kijakazi, the acting commissioner of Social Security. SSI is Supplemental Security Income.

The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it’s based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, published by the Bureau of Labor Statistics.

The CPI-W rose 2.6% in July, 3.4% in August and 3.6% in September, according to the latest inflation data the bureau released Thursday.

‘Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices. We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important,’ Jo Ann Jenkins, the CEO of AARP, the nonprofit organization formerly known as the American Association of Retired Persons, said in an emailed statement.

However, another advocacy group for older Americans, the Senior Citizens League, has argued that larger increases are required, especially for older retirees. It contends that the costs of the goods and services they need are growing much faster than Social Security benefits.

The group says people who retired before 2000 would need an additional $500 in benefits every month just to get back the purchasing power they had in 2000.

Almost 67 million people have been receiving Social Security benefits in 2023, according to the SSA. Most of them are retirees, as almost 90% of people over age 65 were getting those benefits as of June 30.

Inflation rocketed to 40-year highs last year in the wake of a combination of pandemic stimulus payments, an increase in shopping and spending, and widespread supply chain problems. That prompted the Federal Reserve to raise interest rates at a rapid pace. The benchmark U.S. interest rate is the highest it has been in more than 20 years.

That has slowed the economy somewhat compared to last year, but inflation remains higher than it was throughout the 2010s.

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold and silver producer in Mongolia. The company owns the Altan Tsaagan Ovoo...

    Latest News

    Rescuers are searching through rubble and trying to reach isolated communities after a devastating earthquake struck Morocco, killing thousands and leaving more injured or...

    Stock

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

    Investing

    Investor Insight EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A...

    Disclaimer: Smartmerchantknow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartmerchantknow.com