Connect with us

Hi, what are you looking for?

Deluxe Investment Group – Investing and Stock NewsDeluxe Investment Group – Investing and Stock News

Stock

Social Security recipients will see a cost-of-living increase of 3.2% in 2024

Social Security benefits will increase by 3.2% in 2024, the Social Security Administration announced Thursday morning.

That adds about $50 monthly to the average retirement benefit consumers will receive beginning in January. The annual increases are called cost of living adjustments, or COLAs.

The agency said people on Social Security will start getting the increased payments on Dec. 29.

‘Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,’ said Kilolo Kijakazi, the acting commissioner of Social Security. SSI is Supplemental Security Income.

The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it’s based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, published by the Bureau of Labor Statistics.

The CPI-W rose 2.6% in July, 3.4% in August and 3.6% in September, according to the latest inflation data the bureau released Thursday.

‘Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices. We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important,’ Jo Ann Jenkins, the CEO of AARP, the nonprofit organization formerly known as the American Association of Retired Persons, said in an emailed statement.

However, another advocacy group for older Americans, the Senior Citizens League, has argued that larger increases are required, especially for older retirees. It contends that the costs of the goods and services they need are growing much faster than Social Security benefits.

The group says people who retired before 2000 would need an additional $500 in benefits every month just to get back the purchasing power they had in 2000.

Almost 67 million people have been receiving Social Security benefits in 2023, according to the SSA. Most of them are retirees, as almost 90% of people over age 65 were getting those benefits as of June 30.

Inflation rocketed to 40-year highs last year in the wake of a combination of pandemic stimulus payments, an increase in shopping and spending, and widespread supply chain problems. That prompted the Federal Reserve to raise interest rates at a rapid pace. The benchmark U.S. interest rate is the highest it has been in more than 20 years.

That has slowed the economy somewhat compared to last year, but inflation remains higher than it was throughout the 2010s.

This post appeared first on NBC NEWS

Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!



    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    Florida Gov. Ron DeSantis (R) needs a massive infusion of cash in the next two months of the Republican presidential primary race to help...

    Editor's Pick

    ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

    Economy

    Amp’s 223.67% Leap: Analyzing the Sudden Spike The cryptocurrency community has recently been set abuzz by the phenomenal rise of Amp (AMP). Just in...

    Latest News

    The United States could be on track for a Joe Biden-Donald Trump rematch in 2024, but it’s the president’s son Hunter Biden who earned...

    Disclaimer: Deluxeinvestmentgroup.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 deluxeinvestmentgroup.com