Social Security Benefits Set to Surge by 3.2%: There are going to be changes to your Social Security payments; they are going up!
Social Security Benefits Set to Surge by 3.2% This Month
This month is the start of the 3.2% yearly cost-of-living increase. That’s more than $50 a month at least.
It’s the third rise because of inflation, but it’s not as big as the last two.
It’s not as big of a raise as the 8.7% COLA seen in 2023, which was the biggest in more than 40 years, and it means that store prices are going down. It was bigger than this year’s COLA the last time before the pandemic when it hit 3.6% in 2011.
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Social Security increased by 3.2%: What is the COLA for Social Security?
Social Security payments are changed every year to reflect the cost of living, which is called the cost-of-living increase.
The COLA rise for Social Security in 2024 is 3.2%. For the past five years, these are the rise each year:
- 2019: 2.8%
- 2020: 1.6%
- 2021: 1.3%
- 2022: 5.9%
- 2023: 8.7%
Stimulus checks for 2024 have been confirmed by US states (www.eduvast.com)
How do you figure out the cost-of-living adjustment?
The Consumer Price Index for Urban Wage Earners and Clerical Workers is linked to the COLA. The Bureau of Labor Statistics figures out this index every month by looking at the usual prices of things like food, rent, and transportation.
The CPI-W in the third quarter of the previous year is used to figure out the Social Security COLA for each year.
