Although the COLA increase always seems to indicate good news for all United States recipients who have a monthly benefit, not everyone will be happy with the increase in the coming year.
If all goes as the forecasts seem to indicate, in 2024 we will see a COLA increase of 3.2%. The Senior Citizens League and other reliable sources have talked about and predicted that figure for next year’s COLA.
So the usual in these cases is to think that an increase is welcome, but we should watch out for it. Not all Americans will be able to afford inflation if we have that increase simply. Social Security checks could be insufficient for many Americans if they don’t organize their finances well.
The inflation situation is turning negative in many parts of the world and in the United States as well. Especially for citizens with a Social Security benefit, as these checks are usually not very large.
WHAT WILL THE COLA OF 2024 BE?
The 2024 COLA has no official announcement yet, but all media are talking about a 3.2% increase, as we have already discussed above. Therefore, it is quite possible that the Cost of Living Adjustment will eventually end up increasing by a figure similar to that for each of the benefits.
Taking this into account, the average benefit of $1,888 per month in 2023 will rise to $1,944. This means that the increase would be about $56 per month. This is not something that is going to please all Americans.
Most citizens are expecting a higher COLA, and the situation with inflation is unsustainable in many cases. For that reason, the surprise final announcement will not please all Americans.
On the 12th of October we will have the exact figure of this increase in benefits. Once we know what the exact figure will be, we will only have to wait until 2024 to start cashing the increased Social Security checks.