Social Security is an ever growing changing beast. It’s important to keep up with the yearly information. With that in mind let’s look at next year…
Social Security’s cost-of-living adjustment (aka COLA) is projected to adjust for inflation in 2024. It’s a vital component of Social Security, is calculated yearly to assist in keeping up with inflation. It’s the silver lining seniors were hoping would happen. Increased monthly payments covering essential needs like prescription drugs, food, housing, and dental services.
Now, while next year’s 3% raise may seem insignificant, it’s actually still higher than the average 2.6% increase over the past 20 years. With prices expected to cool down, expenses such as grocery bills won’t eat up as much of retirees’ S.S. checks.
According to the Administration, a 3% increase means:
- The average retired worker could receive an extra $55.12 in monthly benefits.
- Spouses could receive an additional $26.79 per month.
- Survivors could receive $43.56 per month.
- Disabled corkers would receive an additional $44.59 per month.
However, experts do caution that these numbers can potentially change, as they do every year.
Now, on another note, we’d like to take this opportunity to remind you about our Senior Trade Shows Expos! There you’ll see our theme for all our 2023 expos is Mardi Gras! Check out our flyer below to save the upcoming date on your calendar! Just click for more information, on registering to attend. In the meantime, we would appreciate you liking us on Facebook.
