2023-09-06 01:14:13
In little more than a month, it is expected that the Administration of the Social Security (SSA) advertise the Cost of Living Adjustment (COLA) amount on checks for beneficiaries of its programs that will apply from next year.
Although the official date has not been disclosed; historically, the Social Security Administration (SSA) makes the announcement in mid-October.
This responds to the fact that, to establish the calculation, Inflation figures are needed up to September.
The COLA is determined using the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W).
calculus is a comparison of the inflation levels of the third quarter of the year, that is, July, August and September; versus those of the same period but of the previous year. If the current CPI-W is higher than the previous one, Social Security recipients will receive an increase next year.
Last year, the announcement was made on October 13.. On that date, the SSA reported an 8.7% increase due to adjustment, one of the largest in the history of that measurement.
In 2024, it is expected that the sum falls well below the expectations of retirees and other groups that receive Social Security checks.
The estimate at the time of the COLA increase as of next January is 3%.
The Senior Citizens League (TSCL), a nonpartisan organization that watches over the rights of retirees, reported from its website last month that the adjustment is not expected to rise more than that number because inflation figures remain stable. .
“In general, the inflation rate in July is significantly lower than a year ago. However, most older Americans report that persistently high prices continue to weigh on their household budgets, according to the results of a new survey by TSCL.
“The Consumer Price Index for Salaried Workers in Urban Zones and Administrative Workers (CPI-W), the index used to determine the COLA, up 2.6% year-over-year. However, the average monthly inflation rate has risen slightlyespecially since January of this year keeping the COLA estimate at 3% based on July price data“, details the entity.
Keep reading:
14.3% is the highest COLA increase in Social Security history
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