The Social Security Administration is about to announce the new 2024 COLA increase. However, prices have gone up too much and the new Cost of Living Adjustment may go up very little.
As a matter of fact, the Administration will announce the new COLA on October 12, 2023. But there will be no increase until January 2024. Despite the fact that there are millions of Americans who cannot make ends meet, they must wait for over two months to get this extra money.
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Bear in mind that in 2023 the COLA was the highest in four decades. This provided Americans on benefits with larger payments. Getting a bigger check is what all beneficiaries are looking forward to.
HOW MUCH WILL THE NEW COLA INCREASE IN 2024?
Although it is not clear until October 12, the Senior Citizens League predicts the 2024 COLA may be about 3.2%. Undoubtedly, this is really bad news for those who rely on benefits.
If the COLA in 2023 was about 8.7%, it means SSA beneficiaries will not get as much money as last year. The problem is not just getting less money, but also having to put up with exorbitant prices for goods and services.
What is more, those on Supplemental Security Income (SSI), will not receive their money during the month of October. It is true that they received their payment on September 29, 2023.
The thing is that getting your check earlier when you are on a shoestring budget, means spending it faster. Therefore, Americans on SSI will have to wait a little longer to cash their benefits on November 1, 2023.
Summing up, the low COLA prediction, waiting until January to cash a little more, and getting an SSI payment in advance do not seem to be a good prospect for the month of October.
For example, if you get the largest SSI check you now get up to $914. The new COLA increase may turn it into a 943-dollar check. Thus, there is very little difference and most Americans on SSI do not get the largest amount.