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Is Social Security COLA keeping up with inflation
The purpose of Social Security’s cost-of-living adjustment (COLA) is to ensure that the purchasing power of Social Security benefits keeps up with inflation. But does it? According to Brandon Selfors, the CEO of life settlement and Medicare insurance company Bridge, “It never really keeps up when seniors need it the most, which is right now.” Suzanne Blake reports on whether COLA is keeping up with the high cost of living. Read Ms. Blake’s article here…
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I kept receive letters from Cola and my Social Security Account didn’t receive that benefit.
The concern at this time is to found out why I am not getting the benefits I am entirely if I pay for it.
Please Cola review my account for both Social Security and Stimilus I will continue with the donation thank you
Jacques Henri Bien Aime
Jacques Henri,
COLA is automatically applied to everyone who is collecting Social Security benefits, but sometimes the COLA doesn’t show up in your net monthly Social Security payment. This year (2024), although Social Security awarded a 3.2% COLA (cost of living adjustment) to everyone, Medicare also raised their monthly Medicare Part B premium by $9.80. Since the Medicare premium is automatically deducted from your Social Security payment, it’s probable that you didn’t see an increase to your Social Security payment because the COLA increase was offset by the increase to your Medicare premium. I do not have access to your Social Security account to verify this, but you can access your account at http://www.ssa.gov/myaccount and you will be able to see your 2024 COLA increase was applied to your GROSS Social Security benefit, but that your higher Medicare premium likely offset your 2024 COLA increase. Thus, you did not see the COLA increase in your NET Social Security payment.
Please note that the best way to contact us for more information is to email us at SSAdvisor@amacfoundation.org for rapid response to your questions.
Regards,
Russell Gloor
National Social Security Advisor
The AMAC Foundation