Social Security update: New 3.2% cost of living increase takes effect

[Valin]

The Washington Examiner

Misty Severi
January 8, 2024

The new monthly Social Security increases are rolling out for millions of recipients, with each check seeing a 3.2% increase compared to 2023.

The increase is part of the annual cost of living adjustment, which was announced in October. The regular monthly retirement payment will now see a maximum possible check of $4,873 for seniors who retire at 70.

The youngest age of retirement is 62, but those who retire at 62 can only receive up to $2,710 a month in 2024. If people retire at the full retirement age of 67 in 2024, their maximum benefit is $3,822, according to the Social Security Administration.

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[Geee]

Seniors Say 2024 Social Security Payment Increase Not Enough

According to a recent survey, nearly three in five seniors collecting Social Security are struggling financially. This is due to the fact that the 3.2% cost-of-living adjustment (COLA) for 2024 is inadequate to cover their expenses and support their lifestyle. As a result, 62% of seniors are unable to make ends meet. Additionally, almost half of single seniors (47%) are considering employment to supplement their income because of the modest COLA increase

 

In January, over 71 million seniors receiving Social Security benefits will receive a COLA of 3.2%, totaling an additional $59 each month. The increase in payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. While these adjustments are welcome news, they are significantly lower than previous years due to moderating inflation. Recipients received increases of 8.7% for 2023 and 5.9% for 2022, which were the largest increases since the early 1980s, due to record-high inflation.

The 2024 COLA increase has highlighted the widening gap between Social Security benefits and the rising cost of living. According to a survey by Atticus, 62% of seniors believe that the latest COLA for 2024 is insufficient. Furthermore, as many as 26% of survey participants receiving Social Security for more than three years reported paying taxes on a portion of their benefits for the first time during the 2023 tax season. An even greater percentage is likely to pay taxes on their benefits in 2024 due to a significant COLA increase in 2023.

[Valin]

1 hour ago, Geee said:

Seniors Say 2024 Social Security Payment Increase Not Enough

According to a recent survey, nearly three in five seniors collecting Social Security are struggling financially. This is due to the fact that the 3.2% cost-of-living adjustment (COLA) for 2024 is inadequate to cover their expenses and support their lifestyle. As a result, 62% of seniors are unable to make ends meet. Additionally, almost half of single seniors (47%) are considering employment to supplement their income because of the modest COLA increase

*Social Security benefits and the rising cost of living. According to a survey by Atticus, 62% of seniors believe that the latest COLA for 2024 is insufficient

2 points.

1. Inflation rate s higher

2. Life style. Starting (say) 30 years ago I started preparing for retirement. Got my 401k going, a couple of insurance annuities. How many did this?

I've always lived a fairly simple life. So today SS $23,00+ a month 401k/annuities $2,000. To live comfortably 15-16 hundred a month (Do The Math!). BTW the last 10 years of my working life Gross in the low-mid 30's.

The Lord has been very Very kind to me. He give me what I  asked for...Enough, to take care of my Needs and an occasional Want.

* This sounds cold & uncaring, BUT I do wonder about these peoples life style? Lot of people I worked with NEEDED Overtime, just to get by.  I didn't..See Above.