Based on the recent inflation, the cost-of-living adjustment (COLA) is estimated to increase by 3%. In this article, read and find out what beneficiaries can expect for the Social Security checks in 2024!This year, the maximum amount of Social Security benefits are worth up to $4,555. Fortunately, this amount increases every year through the cost-of-living adjustment (COLA). COLA is a system that analyzes inflation and the increase in prices. According to Quirós Villalba, the Senior Citizens League, a non-profit organization, has already made an initial calculation based on the recent inflation and the increase in prices. According to them, the COLA in 2024 may increase by 3%.
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How does the COLA increase affect the Social Security checks in 2024?
According to Hardy, the COLA is calculated by reviewing the Consumer Price Index (CPI) for the months of July, August, and September. This means that the COLA is dependent on these months to establish what the final amount of increase in Social Security checks in 2024 will be. Social Security policy analyst Mary Johnson stated that based on the inflation data in February, the COLA is estimated to be around 3% in the third quarter of 2024. Therefore, for COLA to increase in 2024, inflation must exceed the level experienced in 2022.
Ultimately, the amount of benefits in the Social Security checks is expected to be around $4,691 per month. All other government benefits are expected to also increase along with COLA. This means that the Supplemental Security Income (SSI) would also increase from $914 to $941.
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