The Social Security Administration announces the COLA always in mid-October so that United States beneficiaries can know well in advance how much their retirement checks will increase.
And the announcement will take place later this week for all beneficiaries with a benefit of any kind. The great thing about the COLA is that it raises all Social Security benefits, regardless of whether it is Supplemental Security Income or retirement check.
| Important links |
|---|
| Food Stamps |
| PAYMENTS |
| stimulus checks |
| SSDI |
So, we are looking at a very useful increase that will effectively help Americans so they don’t lose purchasing power. After all, that is the real purpose of the COLA, as it is designed to help retirees fight inflation.
In each year the amount is different, so everyone waits for it to be announced eagerly. Still, there are many media and experts talking about the forecasts that we will find in this check increase.
2024 COLA FORECAST AND ANNOUNCEMENT DATE
The 2024 COLA forecast is based on full-year inflation history. By calculating the CPI-W in the months of July, August and September the Administration will calculate the increase for next year. And experts such as The Senior Citizens League have already predicted what the exact figure will be.
This group’s bet is for a 3.2% increase by next year 2024. This would cause the COLA to increase Social Security payments to a maximum of $4,691 per month. Even so, it is still too early to say an exact figure.
We will have the exact figure for the increase by next October 12th. Until then we can make predictions but they will be no more than that. In any case, there is very little time left to know the exact amount, which will begin to take effect in benefits as of the first of the January 2024 payments.
In addition to all of the above, it is good to remember that all benefit classes will have the COLA. Therefore, Supplemental Security Income checks will also see an increase. Also, disability benefits will see a percentage increase as will Social Security Age Retirement checks.