An estimate by the Senior Citizens League suggests retirees are cautious about their spending amid worries about making ends meet as high inflation persists.
Sept. 13, 2023, 8:34 PM UTCPayments to Social Security recipients may increase a bit more than expected in 2024, but an advocacy group says they'll still fall short of what retirees need.
The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it's based on the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.Inflation rocketed to 40-year highs in 2022 in the wake of a combination of pandemic stimulus payments, an increase in shopping and spending, and widespread supply chain problems. That prompted the Federal Reserve.
While Social Security benefits rise annually, the Senior Citizens League contends that the cost of goods and services that retirees need is increasing much faster than benefits are.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Here’s the latest Social Security COLA estimate for 2024The estimate for 2024 is a drastic change from last year’s cost-of-living adjustment
Consulte Mais informação »
Social Security 2024’s increase forecast is out and COLA is higherThe latest forecast of Social Security’s 2024 cost-of-living-adjustment has inched upwards.
Consulte Mais informação »
Social Security COLA: Here’s what the average Social Security payment will be this fallWe’re a little more than a month away from knowing how Social Security payments will change next year.
Consulte Mais informação »
The Expected Social Security Raise for 2024 Just Got BiggerAfter falling as inflation moderated, the projections for next year's Social Security COLA ticked up this morning.
Consulte Mais informação »
Average Social Security retirement benefit may grow by some $57 per month 2024, new estimate findsNew government inflation data points to a 3.2% Social Security cost-of-living adjustment in 2024. Here’s how that estimate may affect you.
Consulte Mais informação »