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The two events that could reduce your Social Security Increase in 2024
The Social Security’s Cost-of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security benefits does not erode by inflation. COLA calculation is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year COLA was determined to the third quarter of the current year. With inflation slowing, the 2024 COLA will be much lower than 2023 was. Keith Speights explains how certain events could reduce your Social Security increase even further in 2024. Read Mr. Speights’ article here…
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