Government inflation data suggests a 3.2% Social Security cost of living adjustment in 2024.
New government inflation data suggests a cost of living adjustment through Social Security in 2024, according to a new estimate from the Senior Citizens League. According to the nonpartisan seniors group, this would increase the average monthly pension benefit by about $57.30.
The senior league calculations are based on a current average retirement benefit of $1,790. That’s less than the average monthly retirement benefit of $1,837 reported by the Social Security Administration because it includes benefits for spouses and other dependents in addition to those for workers, according to Mary Johnson, Social Security and Medicare policy analyst at the Senior League.
The 3.2% Social Security COLA projected for 2024 is much smaller than the official 8.7% increase that beneficiaries saw in 2023. But Johnson says it’s larger than the 2.6% average annual increase over the last 20 years.
The official COLA for 2024 is scheduled to be announced in October. The Senior Citizens League estimate of 3.2% is based on consumer price index data through August. This official calculation is based on July, August and September inflation data from the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W).
How will payments be sent in 2024?
Come on Social security payments will continue to be made using the same formula as in previous years– Sent via direct deposit to beneficiaries who have provided a bank account to SSA, or via mail, which takes longer to receive.
Finally, the SSA noted that if the payment is not received on the agreed date, the beneficiary must wait three days for further delivery before contacting Social Security. Click this link to download the 2024 payment calendar.