COLA
With the new year comes some changes to Social Security
New Year, a new Social Security program; some parts of it anyway. Every year, changes happen to Social Security automatically, which helps recipients of this program keep up with the cost of living. Kailey Hagen reports on the three changes…
Social Security Retirement Benefits and Boomers…A Note of Caution
The often-reported absence of adequate savings by those intending to rely on Social Security benefits for a comfortable retirement suggests that there may be some rough waters ahead, according to a post by GoBankingRates’ Sean Fisher on their website. Fisher…
What 2024 will look like for the average Social Security recipient
Beginning next month, over 64 million older Americans will see an increase in their Social Security benefits. The cost-of-living (COLA) increase of 3.2 percent is modest compared to last year’s 8.7 percent and a decrease in Medicare Part B premiums.…
Are you ready for these changes to Social Security?
“The Only Constant in Life Is Change.”- Heraclitus. That is true when it comes to the Social Security program as well. The Social Security program will change in 2024, but those changes will not affect everyone. What are those changes?…
The Good News and the Bad News on 2024 Social Security Changes
Social Security beneficiaries are looking forward to the 3.2% cost-of-living adjustment and, despite its comparison to the 2023 8.7% bump, the fact that it shows evidence that the brutal inflation of the past three years may be lessening. For those…
Will your COLA increase keep up with your healthcare costs?
Social Security beneficiaries will see an increase in their Social Security checks of 3.2 percent in 2024. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers…
COLA increase might not be enough
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. However, you may not be as much as you think it will be due to Medicare Part B…
The “Average” Social Security Benefit…For What It’s Worth
It’s fairly typical for people to want to see where they stand in relation to those around them, and when it comes to looking at Social Security benefits, that’s probably true. A post today by The Motley Fool’s Maurie Backman…
Senior Citizens League pushes for More Effective COLA Process
It hasn’t really changed since cost-of-living adjustments (COLA) became a reality nearly 50 years ago, and the projected 2024 announcement was again based on use of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a statistic that…
CPI-E vs. CPI-W? A Look at What the Diffrerence would be.
The issue of how best to calculate the annual cost-of-living adjustment (COLA) for Social Security beneficiaries has surfaced as part of the discussion on reforming this massive senior benefit program, and some have advocated for an approach that better fits…