The day of the big announcement is finally here!
The Social Security Administration announced that the annual cost of living adjustment (COLA) for 2024 is 3.2% This increase takes effect in December and will be included in your payment starting in January 2024.
Yes, it is quite a bit less than the 8.7% increase for 2023. Inflation has subsided some. Each year inflation from the current year is compared to inflation from the previous year using third quarter data (July-September). If no measurable inflation occurs there is no increase for the next year. This has only happened three times since the automatic COLA increases became law in 1975 – 2009, 2010, and 2015.
The Medicare Part B premium increase for 2024 will be announced soon and then we will know where we stand. Stay tuned!
The AMAC Foundation’s Social Security Advisory Service stands ready to assist (without a fee, of course). Simply call 1.888.750.2622, or email [email protected] for fast, accurate answers to your Social Security questions.
For additional information about the services and resources AMAC Foundation provides, please visit our website www.amacfoundation.org
While you’re here, we have a small favor to ask… Support the AMAC Foundation.
Our 501(c)(3) powers the AMAC Foundation’s Senior Services, Senior and Veteran-related resources and needs, and our Social Security Advisory Services (SSAS). The SSAS team of nationally accredited advisors offers on-time, on-the-mark guidance for those approaching or receiving Social Security – at no cost.
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