In July, approximately 66 million Americans received their Social Security payments. which averaged $1,703.98 dollars; however, these amounts may vary depending on the 2024 cost of living adjustment (COLA).
At the moment, retired workers, disabled workers, survivors and spouses receive a specific payment Depending on your retirement age or your status at the time of requesting the benefit this year, payments remain as follows:
However, each year the program usually undergoes several changes, including the annual COLA. This adjustment counteracts inflation that little by little is reducing purchasing power of the population and helps the beneficiaries to be above the inflation rate prices.
Although the official calculations for COLA 2024 have not yet been made, which must be expected until October 12 of this year, everything indicates that it will probably be around 3%, this figure is an estimate by several experts, since to arrive at these calculations the inflation of the months of August and September must be taken into account.
However, if the COLA were increased by 3% next year, this would generate an increase in the main four beneficiaries of Social Security, leaving it as follows:
To calculate the cost of living (COLA), it is important to have data from the Consumer Price Index for urban wage earners and administrative workers (CPI-W), so The figure of this CPI-W for the third quarter of the year is taken into account and compared with the third quarter of the previous year. and the percentage difference increase is established as the following year’s COLA.
For this month, the Department of Labor plans to release inflation data for September, plus the latest reading of the CPI-W.
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Source: La Opinion
