{"id":2033447,"date":"2023-09-15T14:35:02","date_gmt":"2023-09-15T18:35:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-much-social-security-payments-will-increase-in-2024-under-new-estimate\/"},"modified":"2023-09-15T14:37:06","modified_gmt":"2023-09-15T18:37:06","slug":"heres-how-much-social-security-payments-will-increase-in-2024-under-new-estimate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-much-social-security-payments-will-increase-in-2024-under-new-estimate\/","title":{"rendered":"Social Security payments to increase in 2024, says new estimate."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fheres-how-much-social-security-payments-will-increase-in-2024-under-new-estimate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2033447&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Higher\u200c Inflation Numbers Expected to Boost Social Security Payments in \u20642024<\/h2>\n<p>In August, \u200bthe Senior Citizens League predicted a 3 percent cost-of-living adjustment (COLA) for\u200b Social Security\u200c benefit\u200d payments\u200b in 2024. However, with the release of higher-than-anticipated inflation numbers,\u200d the estimated COLA has \u2063now been raised to\u200c 3.2 percent. \u2064This means that the average recipient can expect an \u200cextra $57 \u2062in benefits, bringing their\u2062 total to around $1,790. While this increase is lower than the record-breaking\u2063 8.7 percent \u2063COLA received \u200cin\u2062 2023, it is \u200bstill higher \u2063than the average over the past\u2064 20 years.<\/p>\n<p>The Social Security Administration is set to announce the official COLA for 2024&#8217;s benefits in October,\u2062 with the \u200bincreased payments taking\u200c effect in January. The decision is\u200d based on the Consumer Price Index (CPI), which \u2063measures \u200dinflation during \u2063the months of July, August, and September.<\/p>\n<\/blockquote>\n<h3>Seniors Struggle to Keep\u2064 Up with\u2064 Rising\u2064 Inflation<\/h3>\n<p>Despite the significant COLA increase in 2023, retirees have been\u200d unable \u2064to recover from \u200dthe losses caused by recent \u200chigh inflation. Inflation reached \u200c40-year highs in mid-2022 due \u200cto various factors, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-much-social-security-payments-will-increase-in-2024-under-new-estimate\/\" title=\"Social Security payments to increase in 2024, says new estimate.\">including trillion-dollar \u200cspending packages<\/a>, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chick-fil-a-is-facing-a-sauce-shortage\/\" title=\"Chick-Fil-A Is Facing A Sauce Shortage\">supply-chain issues<\/a>, high gas \u2063prices, and \u200dthe aftermath\u2062 of the\u2062 pandemic. Inflation has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/just-1-percent-of-american-voters-describe-bidens-economy-as-excellent\/\" title=\"Just 1 Percent of American Voters Describe Biden\u2019s Economy as \"Excellent\"\">remained stubbornly high<\/a> in 2023, making it challenging \u2063for seniors to keep \u200dup with rising costs.<\/p>\n<h3>Medicare Premiums and Future \u2063Rate Changes<\/h3>\n<p>It&#8217;s important \u2062to note\u2063 that the estimated COLA figures do not include the anticipated rise in Medicare costs. The federal Centers for Medicare and Medicaid Services will announce Medicare premium adjustments in the fall. The\u2063 Senior Citizens League warns that\u2064 other costs may drive monthly premiums\u2063 up even further.<\/p>\n<p>Furthermore, Federal Reserve \u2063Chairman Jerome Powell has indicated that the central bank may need \u200dto raise interest rates further to\u2063 combat inflation. \u200dThe Fed has already raised rates by 5.25\u2063 percentage points since March 2022. Economists predict that the Fed will start lowering rates by the middle of 2024.<\/p>\n<h3>Additional Resources:<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/bright\/when-you-must-pay-taxes-on-social-security-benefits-5482370\">When \u2063You Must Pay Taxes on Social Security Benefits<\/a> &#8211; August 30, 2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/article\/millions-of-americans-get-bigger-social-security-payments-as-cost-of-living-adjustment-kicks-in-4956594\">Millions of Americans Get Bigger Social Security Payments as\u200b Cost-of-Living Adjustment Kicks In<\/a> &#8211; January \u200b2, 2023<\/li>\n<\/ul>\n<p> <\/p>\n<h2> What factors have contributed to the unexpected\u200b rise in inflation, leading to the projected 3.2 percent COLA adjustment for Social Security benefits in 2024?<\/h2>\n<p><span>  To announce the official COLA \u200dadjustment in October, based on the \u200bConsumer Price Index for\u2062 Urban Wage \u200cEarners and Clerical \u2064Workers (CPI-W) for the \u200bthird quarter\u2062 of 2023. \u2063This \u2062index\u200b measures the changes in prices of goods and services typically purchased by workers and clerical employees in urban areas.<\/p>\n<p>The anticipated 3.2 \u2063percent COLA for 2024 is a result of the unexpected rise in inflation observed in recent\u200b months. Inflation, which refers to the general \u200bincrease in prices of \u200dgoods \u200dand services, has\u200d been on the\u200d rise\u200d due to\u200b various factors such as supply \u200bchain disruptions, increased \u200bdemand, and rising\u200d energy \u200dcosts.<\/p>\n<p>The higher-than-expected inflation numbers have\u2062 a \u2063significant\u2064 impact on Social Security payments. The COLA \u2062is designed to help beneficiaries keep up with inflation and maintain their purchasing \u200cpower. With the\u2063 estimated 3.2 percent increase, Social Security recipients can expect a modest boost in \u2063their monthly benefits,\u200d providing some relief against\u200b the rising cost of living.<\/p>\n<p>While the additional $57 may \u200dnot seem like a substantial increase,\u2064 it can make\u200c a difference for individuals on\u200c fixed incomes who heavily rely on Social Security for their livelihood. The average monthly benefit \u2064is\u2064 projected to reach around $1,790, offering recipients some breathing room in meeting their day-to-day \u200cexpenses.<\/p>\n<p>It is worth noting that the 3.2 percent adjustment is lower than \u2063the\u200b extraordinary 8.7 percent increase witnessed in \u20632023. \u2062However, it is still higher \u2063than the average COLA over the past two\u2062 decades, which has hovered\u200c around 2 percent. This\u200c indicates that, despite the lower\u2063 increase\u200b compared \u200cto the previous\u200c year, Social Security beneficiaries will still fare better than in previous periods.<\/p>\n<p>The Senior Citizens League, a non-profit\u2063 organization that advocates for the\u200c rights and well-being of older\u200d Americans, has welcomed the \u2064expected increase in \u200dSocial Security benefits. They acknowledge that even a small \u2063adjustment can provide\u2063 much-needed relief\u2062 to \u200dseniors struggling with rising healthcare costs, housing expenses, and other basic necessities.<\/p>\n<p>It is \u200ccrucial to remember that the official announcement regarding the COLA adjustment for 2024 is \u2062yet to be made.\u200c The Social Security Administration will release the final figure\u200d in \u200cOctober after\u2062 analyzing the CPI-W data. Recipients eagerly await this announcement as they plan their budgets and\u2063 adjust their expectations for the upcoming year.<\/p>\n<p>In conclusion, the higher-than-anticipated inflation numbers have led to an increase in the \u200bprojected COLA for Social Security benefits in\u200b 2024. \u200dWhile the 3.2 percent adjustment may not reach \u2063the levels seen in\u2064 the previous year, it is\u2062 still higher than the average over the past two decades. This adjustment will provide some relief to seniors managing their expenses and will\u200d help individuals on fixed incomes maintain their \u200dpurchasing\u2064 power. The \u2062official announcement in October by the Social Security Administration will provide certainty \u2062and allow beneficiaries to plan accordingly for the year ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hotter-than-expected August inflation may raise Social Security payments in 2024. The Senior Citizens League predicts a 3.2% cost-of-living adjustment (COLA) for benefit payments. This increase would average out to approximately<\/p>\n","protected":false},"author":58,"featured_media":2033448,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2033447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2033447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2033447"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2033447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2033448"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2033447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2033447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2033447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}