{"id":2067276,"date":"2023-10-14T11:17:02","date_gmt":"2023-10-14T15:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-announcement-on-social-security-payments-heres-what-to-know\/"},"modified":"2023-10-14T11:19:13","modified_gmt":"2023-10-14T15:19:13","slug":"major-announcement-on-social-security-payments-heres-what-to-know","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-announcement-on-social-security-payments-heres-what-to-know\/","title":{"rendered":"Important Update: Key Details on Social Security Payments"},"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\">16<\/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%2Fmajor-announcement-on-social-security-payments-heres-what-to-know%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=2067276&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--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<div class=\"my-5\">\n<blockquote>\n<p>      \u2062     \u2063The Social Security Administration made an exciting \u200dannouncement this week, \u200brevealing\u200d that the 2024 cost-of-living adjustment (COLA) \u2062for payments will be 3.2 percent. While this increase is lower than last year&#8217;s\u2063 8.7 \u2062percent, it still \u2064exceeds the \u2063average over the past 20 years. This adjustment applies to individuals receiving retirement or disability \u200cbenefits and is based on the \u200dConsumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) \u200bin July, August, \u200band September. The Social Security program plays a crucial role \u2064in providing financial support to millions \u200dof Americans,\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great\/\" title=\"Social Security recipients, brace yourselves for the Biden administration's disappointing cost of living update.\">including low-income individuals<\/a> with disabilities.\n    <\/p><\/blockquote><\/div>\n<p>    The Social Security\u200b Administration pays out approximately $1.4 trillion in benefits each year to \u2064over 71 million people. These benefits are funded by taxes from working individuals and are distributed to retirees, disabled individuals, survivors of deceased workers, and dependents of beneficiaries. The\u2062 2024 COLA increase\u200b was determined based on \u2063cooling inflation,\u2063 as cited by the Social Security \u2064Administration.<br \/>\n \u200c\n  <\/p>\n<div class=\"my-5\">\n<h2>Why?<\/h2>\n<p>      \u2063    The annual Social Security\u2063 payment adjustment is calculated using the CPI-W for July, August, and September. According to the Bureau of Labor Statistics (BLS), the \u200cCPI index remained at 3.7\u2062 percent last month, \u200dwith the index for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mlb-cancels-opening-day-after-sides-fail-to-end-lockout\/\" title=\"MLB Cancels Opening Day After Sides Fail to End Lockout\">urban wage earners<\/a> at 3.6\u2062 percent.\n    <\/p>\n<\/p><\/div>\n<div class=\"shortcode\">\n    <!--$--><\/p>\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/social-security-announces-3-2-percent-cola-increase-for-2024-post-5508683?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>Social Security \u2062Announces 3.2 Percent COLA Increase for 2024<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/12\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/social-security-announces-3-2-percent-cola-increase-for-2024-post-5508683?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/bright\/do-you-qualify-for-social-security-dependent-benefits-5504382?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>Do\u200d You\u200b Qualify for Social Security\u200c Dependent Benefits?<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/5\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/bright\/do-you-qualify-for-social-security-dependent-benefits-5504382?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>    <!--\/$-->\n  <\/div>\n<p>    \u2064  \u201cSeniors tend to spend \u200cmore on medical care in general,\u200d including\u200b some out-of-pocket expenses like prescription drug costs, that can be very significant,\u201d explained Mark Hamrick, senior economic analyst at Bankrate. \u201cOf course, food, shelter, and energy costs are all still elevated. Those are things most people \u2063cannot go without.\u201d\n  <\/p>\n<p>    \u2064 \u200d   While the\u200c 3.2 percent \u2063raise may \u200dseem smaller than last year&#8217;s\u200b increase, it is \u200dactually higher than the \u2064average over the past five years. \u2062According to Mary\u2062 Johnson, a policy analyst at the Senior Citizens League, \u200bthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-announcement-on-social-security-payments-heres-what-to-know\/\" title=\"Important Update: Key Details on Social Security Payments\">annual percentage increases<\/a> for the past five years were 2.8 percent, 1.6 percent, 1.3 \u2063percent, 5.9 percent, and 8.7 percent in\u200d 2018, 2019, 2020,\u200b 2021, and 2022, respectively.\n  <\/p>\n<div class=\"my-5\">\n<h2>When Does It Start?<\/h2>\n<p>      \u200c      The adjusted payments will begin in January 2024, \u200cas outlined in the Social Security Administration&#8217;s payment schedule for\u2062 next year.\n    <\/p>\n<h2>How Much?<\/h2>\n<p>      \u200b     The COLA is intended to help offset the rising prices of essential goods and services such as food and fuel. On average, recipients can\u2064 expect\u200b an increase of about $54 per month, according to \u200dgovernment estimates.\n    <\/p>\n<\/p><\/div>\n<p>    \u2062  In August,\u200b the average monthly payment\u2064 for Social Security beneficiaries was $1,705.79. With a 3.2 percent COLA, this would mean an additional $54.58 per month for each\u200c recipient.<br \/>\n  \u2064\n  <\/p>\n<p>    However, Mary Johnson cautioned that this increase\u200b may\u200c not be enough\u2063 to cover rising expenses, stating, &#8220;That\u2019s maybe not going to cover a rent increase.&#8221;\n  <\/p>\n<p>    Social Security is funded through payroll taxes collected from workers and their employers. The maximum amount \u2064of earnings subject \u200bto Social Security payroll \u200btaxes for 2023 is $160,200.<br \/>\n \u200d\u200d\n  <\/p>\n<p>    Martha Shedden, president of the National Association of\u200b Registered Social Security Analysts,\u2063 acknowledged that the \u200b3.2 percent increase may\u200c feel small compared to last year&#8217;s 8.7 \u2062percent. She emphasized that retirees are\u200b still facing inflation and higher costs.<br \/>\n  \u200b\n  <\/p>\n<div class=\"my-5\">\n<h2>Medicare?<\/h2>\n<p>      \u2064    \u200d  In\u2063 addition to the Social Security COLA, the\u200d Centers for Medicare and Medicaid Services\u2064 announced an increase in the standard Medicare Part\u2062 B premium. Most beneficiaries will\u200c see their premium rise from $164.90 in 2023 to $174.70 in 2024.\n    <\/p>\n<\/p><\/div>\n<p>    \u2063  Kathleen Romig, director\u2063 of Social Security and Disability Policy \u2062at the Center on Budget and Policy Priorities, noted that the increased Medicare premiums will consume a significant portion of\u2063 the COLA for \u2063many individuals.<br \/>\n \u2063\n  <\/p>\n<div class=\"my-5\">\n<h2>Too\u2062 Little?<\/h2>\n<p>      Despite the 8.7 percent\u200b increase last year, many\u2062 seniors \u2064have reported\u2062 falling behind.\u2063 The rising costs of living,\u200d particularly in healthcare, have outpaced\u2062 the COLA. Older \u200cadults spend a higher\u2063 percentage of their income on healthcare compared to the CPI-W assumption used in the COLA calculation.\n    <\/p>\n<\/p><\/div>\n<p>    \u2063   The AARP has\u2062 called\u2062 on Congress to address the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-accuses-china-of-failing-to-clean-up-space-junk-after-rocket-careens-back-to-earth\/\" title=\"NASA Accuses China Of Failing To Clean Up Space Junk After Rocket Careens Back To Earth\">long-term sustainability<\/a> of the Social Security program,\u2062 as \u2063concerns arise about its future financial stability.<br \/>\n\u200c\n  <\/p>\n<p>    AARP CEO Jo\u200b Ann Jenkins stated, &#8220;Americans work hard\u200c to earn their Social Security,\u200b and it&#8217;s only\u200c fair for them to get the \u200dmoney they deserve.&#8221;<br \/>\n\u200b\n  <\/p>\n<div class=\"my-5\">\n    <em>The\u200d Associated Press contributed to this report.<\/em>\n  <\/div>\n<\/div>\n<p> <\/p>\n<h2> Will the \u200cCOLA adjustment be enough \u200bto fully address\u200d the financial challenges that seniors are\u2062 facing in\u2064 relation to healthcare, housing, and other\u200d essential expenses<\/h2>\n<p><span>  Enough \u2062to offset \u2063the erosion in the buying power of\u2064 Social Security benefits that has occurred over the past decade or longer.&#8221;\u200c She added that seniors are facing increasing costs in healthcare, \u2062housing, and other essential expenses, and that \u200bthe COLA adjustment may not fully address these financial challenges.<\/p>\n<div class=\"my-5\">\n<h2>Impact on Social Security Recipients<\/h2>\n<p>      \u200d     \u2063    The\u200c COLA increase can have a significant impact on the lives of Social Security recipients. For many \u2062individuals, especially those with limited<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Social Security Administration recently revealed a 3.2 percent cost-of-living adjustment (COLA) for 2024 payments, lower than the previous year&#8217;s 8.7 percent increase. This adjustment applies to those receiving retirement or disability benefits. The decrease is attributed to reduced inflation, as stated by the Social Security Administration.<\/p>\n","protected":false},"author":58,"featured_media":2067277,"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-2067276","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\/2067276","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=2067276"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2067276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2067277"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2067276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2067276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2067276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}