See how much money you could receive from the Social Security COLA bump.
FILE-In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, D.C.
Social Security recipients will receive a much smaller cost-of-living adjustment in 2024 as inflation continues to moderate from the red-hot pace seen last year."Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices," said Jo Ann Jenkins, AARP chief executive. "We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.
For instance, retired workers would likely see the biggest benefit bump, with the average monthly check climbing from $1,841 to $1,900 next year. Spouses of workers would receive the smallest pay increase, with monthly payments rising from about $888 to $916 in 2024. portal that include your new monthly benefit for next year in December. The notices will show your current or expected future benefits based on yourTo do so, simply multiply your current benefit amount by 0.
For instance, if you receive an average monthly payment of $1,567, you would multiply that by 0.032 to determine that your checks will increase by about $50 per month next year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security's 3.2% COLA reflects cooling inflationCost-of-living adjustment makes sure the backbone of our retirement system keeps pace with rising prices
Read more »
Social Security increase 2024: Everything to know about the new COLAThe Social Security Administration (SSA) announced the new Cost of Living Adjustment (COLA) for 2024. Here's what Social Security recipients should expect for their income next year
Read more »
COVID relief payments triggered feds to demand money back from Social Security recipientsSome Social Security beneficiaries say the government is clawing back benefits after they received covid stimulus payments that were supposed to be exempt from asset limits.
Read more »
COVID relief payments triggered feds to demand money back from Social Security recipientsSome Social Security beneficiaries say the government is clawing back benefits after they received covid stimulus payments that were supposed to be exempt from asset limits.
Read more »
WATCH LIVE: House Homeland Security hearing on potential Iranian threats to national securityBrady Knox is a breaking news reporter for the Washington Examiner with a particular focus on Russia, Eastern Europe, and foreign affairs. Hailing from Pittsburgh, he graduated from Miami University in 2022 with a bachelor's degree in Russian, Eastern European, and Eurasian studies and political science. He was in St.
Read more »
Jordan ally points to his regressive plan for Social Security, MedicareSteve Benen is a producer for 'The Rachel Maddow Show,' the editor of MaddowBlog and an MSNBC political contributor. He's also the bestselling author of 'The Impostors: How Republicans Quit Governing and Seized American Politics.'
Read more »