A good news for every retired senior citizen under Social Security.
Monthly benefits by next year will increase for every senior citizen under Social Security. (Photo: PBS)
Announcement For Every Retired Senior Citizen Under Social Security
As of December 2022, the average Social Security benefit for every retired senior citizen was $1,825.14 per month. Social Security plays a vital role in reducing poverty among every retired senior citizen aged 65 and older. It has been highly effective in lifting more than 21 million people out of poverty annually.
COLA, on the other hand, is an event that helps with inflation as well as one that adjusts the benefits for every retired senior citizen under Social Security. The COLA for 2024 was announced to be 3.2%, which is lower than the previous year but still above the average over the past two decades which may cause negative outcomes for every retired senior citizen under Social Security.
According to a published article by The Motley Fool, the said increase will be $59 to $1,907 in January 2024, which will be above average for a retired senior citizen’s monthly benefit. Aside from every retired senior citizen, workers with disabilities and survivor beneficiaries will also see increases in their monthly checks.
The Role Of the Consumer Price Index
In a published article by CNET, the Social Security Administration determines the COLA or cost-of-living adjustment through the percentage increase in the Consumer Price Index. You can find more information about the Social Security payment schedule and the Social Security Disability Insurance payment schedule to know how much your payments will increase next year.
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