Here's why that could be too high. A cola of 3% — much less than this year's 8.7% increase — would raise the average monthly social security benefit from $1,789 to $1,842.70.
The chart below provides details on the 2024 cola calculation: Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.
The Latest Cola Is 3.2 Percent For Social Security Benefits And Ssi Payments.
New estimate for 2024 social security cola is 2.7%:
Estimates By The Senior Citizens League (Tscl) Project The 2025 Cola To Come In At 2.57%.
Estimates by the senior citizens league (tscl) project the 2025 cola to come in at 2.57%.
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Detailed In The Chart Below Is The Average Social Security Benefit Paid To Each Of Those Four Groups In August 2023, And How That Figure Will Change Once The 3.2% Cola Is.
In 2023, it was 8.7%.
This Online Social Security Benefits Calculator Estimates Retirement Benefits Based On Your Age, Retirement Date And Earnings.
This would be a substantially lower cola for next year after the 3.2%.