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Most popular financial calculator11/9/2023 “Individuals should be planning for a much lower increase in 2024 versus ‘23,” Wood says. Unfortunately, Erin Wood, senior vice president of financial planning and advanced solutions at Carson Group, says Americans shouldn’t expect another large COLA in 2024. The Senior Citizens League (TSCL) recently estimated the 2024 COLA will be 3.2%, or an extra $57.30 per month for the average retiree.Īmericans won’t know the official 2024 COLA until the SSA reports it in mid-October. What Is the 2024 Social Security COLA?īecause the September CPI-W reading will not be reported until October 12, Americans and economists can only speculate at this point about what the final adjustment will be. There is simply no COLA for the following year. However, in the event that third-quarter CPI-W decreases year-over-year and the COLA calculation yields a negative result, seniors are not penalized for the deflation. economy typically experiences inflation rather than deflation, CPI-W trends higher over time. The final number is rounded to the nearest one-tenth of one percent.īecause the U.S.
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