{"id":2053396,"date":"2023-10-03T03:16:01","date_gmt":"2023-10-03T07:16:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-agency-to-make-major-announcement-on-checks-this-month\/"},"modified":"2023-10-03T03:18:17","modified_gmt":"2023-10-03T07:18:17","slug":"social-security-agency-to-make-major-announcement-on-checks-this-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-agency-to-make-major-announcement-on-checks-this-month\/","title":{"rendered":"Social Security Agency&#8217;s Big Announcement on Checks This Month"},"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\">18<\/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%2Fsocial-security-agency-to-make-major-announcement-on-checks-this-month%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=2053396&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--><p>The Social Security Administration (SSA) is\u2062 gearing up to announce the highly anticipated cost-of-living adjustment \u200b(COLA) for retired Americans in 2024. This announcement is expected to \u2063be \u200cmade on \u200dthe same\u200c day that the U.S. Bureau of Labor Statistics (BLS) \u200dreleases\u200b September&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a> (CPI)\u2062 data. In the past, \u200cthe\u200d SSA has \u2062typically made this announcement shortly after the BLS releases the inflation figure \u2063for September.<\/p>\n<p>There were concerns that a government shutdown \u200cmight delay the COLA announcement,\u2063 but fortunately, a spending\u2062 deal was reached over the weekend to \u2062temporarily fund\u2063 the government, averting a shutdown.<\/p>\n<p>The COLA report will \u2063have a\u2062 significant\u200b impact on approximately 70 million Social \u2062Security retirees and Supplemental Security Income (SSI) \u2062recipients. The percentage increase will apply to\u2064 most payments starting from December.<\/p>\n<p>The COLA is determined by the annual change in\u2062 the CPI for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-agency-to-make-major-announcement-on-checks-this-month\/\" title=\"Social Security Agency's Big Announcement on Checks This Month\">urban wage\u200c earners<\/a> and\u200b clerical\u200d workers,\u200b which is published by the BLS each \u2063October. Based on recent inflation \u2063numbers, The \u200dSenior \u2063Citizens League estimates\u2062 that this year&#8217;s COLA\u200d will \u200bbe a 3.2 percent \u200dincrease. This would result in an average increase of about $57 in extra benefits, bringing the total to around $1,790 for the average recipient.<\/p>\n<p>Last month, The Senior Citizens League had predicted a 3\u200b percent boost in \u2063the\u200c COLA\u200d based\u2063 on inflation, but this was before the\u2062 Department of Labor\u200c released its August inflation numbers.<\/p>\n<p>In 2023, the SSA \u200bannounced a record-breaking\u200d COLA increase \u200bof 8.7 percent due to\u200b high inflation rates. However, this year&#8217;s increase may not be as substantial, even though inflation remains higher than\u200c pre-pandemic levels. From 2010 \u2063to 2019, the\u200c COLA averaged just 1.4 percent, with no increase in three of those years.<\/p>\n<p>Despite the\u2063 significant \u200dCOLA \u200cincrease in\u200b 2023, retirees have struggled to recover from the losses caused by high inflation. The CPI reached 40-year highs in mid-2022 \u200ddue to various factors, including \u200bgovernment spending, supply-chain issues, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/is-everything-racist-four-everyday-things-the-biden-administration-presents-as-racist\/\" title=\"Is Everything Racist? Four Everyday Things The Biden Administration Presents As \u2018Racist\u2019\">high gas prices<\/a>, and the aftermath \u200dof the \u200cpandemic.<\/p>\n<p>Inflation continues to be a concern for seniors on fixed \u200bincomes, as\u200d it erodes their purchasing power. \u200dMany\u200c retirees have seen their household\u200b costs rise more than the dollar amount \u200dof their COLAs, leaving them \u2063uncertain about their financial recovery.<\/p>\n<p>Some \u2063Social \u200dSecurity recipients may also \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/volkswagen-group-deliveries-lowest-in-over-a-decade\/\" title=\"Volkswagen Group Deliveries Lowest in Over a Decade\">face additional challenges<\/a>, \u200dsuch as having to pay taxes on their benefits. Last year&#8217;s 8.7 percent COLA increase\u200c pushed about 23 percent of recipients into a tax-paying bracket for the first time.<\/p>\n<p>Furthermore, there \u2062have been\u200c reports of overpayment issues, with the SSA demanding repayment from some recipients. \u200cThe agency handles these\u200c cases on an\u200d individual basis, ensuring that overpayments are addressed in accordance with the law.<\/p>\n<p>Overall, \u2063the upcoming\u200b COLA announcement will have significant\u200d implications for retired Americans,\u200c and it remains to be \u2062seen how much of \u2063a buffer \u2062it will\u200d provide against inflation\u2064 in 2024.  <\/p>\n<h2> What is the significance\u2063 of the temporary funding deal in ensuring that the COLA announcement will not be delayed and hindered<\/h2>\n<p><span>  Social Security Administration (SSA)\u2064 is preparing to reveal the much-awaited cost-of-living adjustment (COLA) for retired Americans in 2024. This announcement\u200d is anticipated to be made on the same day\u2063 as the U.S. Bureau of Labor Statistics (BLS) releases September&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/futures-rise-in-run-up-to-key-inflation-data\/\" title=\"Futures climb ahead of crucial inflation data.\">consumer \u2064price index<\/a> (CPI) data. Historically, the SSA has typically announced the\u2062 COLA shortly after the\u200d BLS publishes\u2063 the inflation figure for September.<\/p>\n<p>There were concerns that a\u2062 potential government shutdown might postpone the COLA \u2062announcement. Nevertheless, over the weekend, a spending deal was reached to temporarily fund the government,\u200b thereby\u200d averting\u2063 a shutdown.<\/p>\n<p>The forthcoming\u200d COLA report will have a significant impact on \u2063around 70 million Social Security \u2062retirees\u2063 and Supplemental Security Income (SSI) recipients. The percentage increase determined by the COLA will be applicable \u2062to most payments starting from\u200c December.<\/p>\n<p>In terms of its \u200ccalculation, \u200bthe COLA is determined by the annual change in the CPI for urban \u2063wage earners and clerical workers, which \u2064is released by the BLS every October. With recent inflation figures\u200c in mind, the\u2064 upcoming COLA \u200cadjustment is eagerly awaited by retirees and\u200c SSI recipients alike.<\/p>\n<p>The announcement of the COLA adjustment is of great importance to retired Americans as it directly affects \u2064their financial well-being and stability. With retirement often accompanied by fixed \u2064incomes, any increase in the cost of living can have a significant impact on their ability to meet their daily expenses.<\/p>\n<p>Furthermore, the COLA adjustment not only affects retirees but\u200d also has an impact on the\u2063 broader economy. As retirees and SSI recipients receive increased payments, they have more disposable income to spend\u2062 on goods \u200dand services. This, in turn, stimulates economic growth\u2063 and contributes to the overall\u2062 well-being \u200cof society.<\/p>\n<p>The anticipation surrounding the COLA announcement\u200b indicates the significance of this adjustment for\u200d retirees and the \u2062broader population. And while concerns were raised regarding a potential delay due\u2064 to a government shutdown, the temporary funding deal provides reassurance that the announcement will not be hindered.<\/p>\n<p>As Americans eagerly await the announcement \u200bfrom\u2063 the SSA, it is important to recognize the vital role that the COLA adjustment plays in \u200bensuring the financial security \u2062and well-being\u2063 of \u2062retirees. The adjustment serves as a means of\u2062 keeping Social Security and SSI payments in \u2062line with the impact of inflation, allowing\u2064 retirees\u2062 to maintain a reasonable standard of living.<\/p>\n<p>In conclusion, the\u200d forthcoming COLA announcement by the SSA for retired Americans in 2024 is \u200bhighly anticipated. \u200cThe impact of the adjustment will be felt by millions of Social Security retirees and SSI recipients, \u200cwith the percentage increase applying to most\u2062 payments from December. This adjustment, determined by the annual change in\u200c the CPI, is eagerly awaited\u200b by retirees and has a significant impact on their financial stability. The announcement will provide retirees with assurance of their continued \u200dability to meet their daily expenses,\u2062 while also contributing to the broader economy&#8217;s growth and well-being.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Social Security Administration (SSA) will soon reveal the 2024 cost-of-living adjustment (COLA) for retired Americans. The U.S. Bureau of Labor Statistics (BLS) will release September&#8217;s consumer price index (CPI) data on Oct. 12, and the SSA is expected to announce next year&#8217;s COLA based on this information.<\/p>\n","protected":false},"author":58,"featured_media":2053397,"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-2053396","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\/2053396","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=2053396"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2053396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2053397"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2053396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2053396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2053396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}