In 2024, the Social Security and SSI Cost of Living Adjustment (COLA) will increase by a partly 3.2%. This is in sharp contrast to the raise that happened earlier in 2023, a whopping 8.7%. It is also much lower than the 2022 increase which was 5.9%. Cost of Living Adjustments are meant to match the level of inflation to give people on fixed incomes the ability to maintain their lifestyles. The reasoning for the lower COLA increase is based on the “leveling out” of inflation in the United States. Many seniors across the country balk at this idea as the costs of goods and services are rising faster than money printing can actually keep up with. Medicare Part B is also slated to rise, just like everything else. If a person is on Medicare Part B, those benefits are automatically withdrawn from Social Security benefits. It is not quite clear if the COLA increase will cover Medicare inflation, let alone inflation from the past three years of money printing.
SOURCES:
No, Social Security’s 2024 COLA is not as high as it was in 2023 – YouTube
It’s Official: Here’s Your Social Security Raise for 2024 | The Motley Fool
