If it happens, a 3.2% COLA would raise the average monthly retiree benefits of $1,790 by $57.30.
The nonpartisan Senior Citizens League forecasts the COLA will be 3.2% based on a jump in consumer price data through August.The nonpartisanforecasts the COLA will be 3.2% based on a jump in consumer price data through August. A 3.2% COLA would raise the average monthly retiree benefits of $1,790 by $57.30.
The 3.2% COLA is significantly lower than the 8.7% received in 2023, the highest COLA in more than four decades and higher than the average over the past 20 years which was 2.6%. Last month, the Social Security increase wasFederal law requires an annualJuly, August and September as determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W.
The actual bottom line for retirees won’t be known until November, when Medicare premiums are announced. The Social Security Administration automatically deducts Medicare Part B premiums from Social Security benefits before the benefits are received. Early forecasts show Medicare Part B premiums are expected to increase from $164 to $174 in 2024, although coverage of a new Alzheimer’s drug could push that final figure higher.If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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