Every year around this time, the Social Security Administration (SSA) Start calculating next year’s cost of living adjustment (COLA) increase. It will be several weeks before COLA is officially announced and social security recipients can access it. How much their monthly payments will be increased.
This is due to the way the annual COLA is automatically calculated. SSA uses inflation data from the urban wage earner and office worker consumer price index (CPI-W). Provided by the U.S. Department of Labor. But not just data Third Quarter (July, August, September) before COLA price hike.
Last year, SSA announced a historic 8.7 percent increase in COLA. This is largely because inflation reached its highest level in 40 years in June 2022. Inflation has slowed significantly in the United States,, The rising cost of living still affects families, especially those receiving Social Security. However, while a slowdown in inflation is generally a good thing, it also portends the following reality. No increase in beneficiaries will be seen near COLA in 2023.
Social Security: When will the 2024 COLA increase start and when will I receive it?
The 2024 COLA will be announced once the September 2023 CPI-W data is available. Scheduled for October 12. The latest forecast from the Senior Citizen League, a bipartisan advocacy group for seniors, rose slightly to 2.7% from 2.7% in its latest report. 3 percent. According to the group’s calculations, Based on an average monthly profit of $1,789, this means an increase of about $54 per month.
The COLA price increase is expected to be announced in October. Social Security beneficiaries won’t know the exact amount their payments will increase until December, when the agency mails notices to beneficiaries.
The boost for the payment itself will be sent in the first email next year payment, Corresponding to January 2024. Recipients of Supplemental Security Income (SSI), i.e. the group that receives payments on the 1st of each month, The first increased monthly payment will be made on Friday, December 29th. This is because January 1, 2024 is a Monday and a public holiday, so the payment is: It rolls up to the first applicable date when we can process banking transactions.
