On Thursday, October 12th, the Social Security Administration announced that the 2024 cost-of-living adjustment (COLA) would be set at 3.2%. This adjustment comes after an increase of 8.7% in 2023.
In the upcoming year, Social Security beneficiaries will receive a 3.2% increase in their monthly payments to counteract the ongoing rise in inflation, which impacts expenses associated with day-to-day living and consumer products.
The adjustment will be reflected in January 2024 payments for most Social Security beneficiaries and in December for those receiving Supplemental Security Income.
How is the COLA Determined?
The COLA is calculated annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Data from the third quarter is collected, averaged, and compared to the previous year’s third-quarter average. If there is an increase detected in this comparison, then the COLA amount is adjusted accordingly.
Social Security Disability Attorneys Protecting People Across the Carolinas
With inflation driving up the costs of essential expenses like bills and groceries, countless disabled Americans may be concerned about their financial stability. The good news is that you’re not alone, and our Social Security Disability attorneys at Grimes Teich Anderson are here to assist you. We will guide you through the Social Security Disability application process, ensuring that you receive the necessary benefits to support yourself and your family.
Contact us today by submitting a form below or calling our office at 800-533-6845 for a free consultation.