1. Cost-of-Living Adjustment
Every year, the Social Security Administration adjusts the amount of Social Security paychecks in response to rising inflation. The change is called cost-of-living adjustment, or COLA, and it reached a record level of 8.7% in 2023.
For 2024, however, the COLA will only be 3.2% because inflation has fallen. With the increase, the average benefit payout will increase by $49, going up to $1,907 from 2023’s $1,858, the SSA said.
This is one of the most anticipated Social Security shakeups of 2024, and while the increase isn’t big, it’s better than nothing.
By the way, here’s a book from which you can learn the basics of Social Security.
One Response
Tell Biden stop the federal tax on our SSI benefits. It was HE who cast the tie breaker vote to tax SSI way back when. I have already paid taxes on SSI when i was working and Iam taxed AGAIN when i collect. WHY??????????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!