Millions of Social Security recipients could see a 3% increase in 2024′s cost-of-living-adjustment, according to the latest estimates from The Senior Citizens League.
The actual COLA is determined using third-quarter CPI-W data – July, August and September – so the percentage of increase is almost certain to change.CPI-W is determined by looking at inflation rates for a three-month period, adding those together and averaging them. Those figures are then compared with the third quarter average from one year ago. The percentage difference between the two is the amount of the COLA, which would be payable for the check received in January 2024, the TSCL reported.
A 3% COLA would raise the average monthly benefit of $1,787 by a little more than $53.60. Part of that will be chipped away, however, by increases in Medicare Part B premiums. Part B premiums are automatically deducted from most beneficiaries’ Social Security benefit and, in many years, cost increases can take most, or even all, the COLA leaving little else to cover other rising prices.
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