topic Re: How will your Social Security COLA change in 2024? in Community Chat

How will your Social Security COLA change in 2024?

Mindy D — Fri, 12 May 2023 02:06:08 GMT

For updated information about projections for COLA in 2024, see this article in USA Today. The article is highly informative and goes beyond just discussing the COLA for SS.
I'm posting because there's another thread that contains conflated information about 2023 and 2024 and I think some might want updated information.

Put this title into your google search

How will your Social Security COLA change in 2024? Think smaller.

The article is in

USA TODAY and is by Medora Lee

Re: How will your Social Security COLA change in 2024?

Snowpuppy — Fri, 12 May 2023 03:13:05 GMT

If we hit the debt ceiling, and appears we are on track for June 1 you'll have much bigger concerns than a few more $ in 2024.

Re: How will your Social Security COLA change in 2024?

Mz iMac — Fri, 12 May 2023 03:23:51 GMT

The 2023 amount was the largest I believe in 40 yrs. Everyone should know it's downhill from 2024 & beyond.

Anything is better than nothing!

Re: How will your Social Security COLA change in 2024?

Tinkrbl44 — Fri, 12 May 2023 03:27:40 GMT

@Mindy D wrote:
For updated information about projections for COLA in 2024, see this article in USA Today. The article is highly informative and goes beyond just discussing the COLA for SS.
I'm posting because there's another thread that contains conflated information about 2023 and 2024 and I think some might want updated information.

Put this title into your google search
How will your Social Security COLA change in 2024? Think smaller.

The article is in
USA TODAY and is by Medora Lee

@Mindy D

Thanks for starting a new thread. I thought about it earlier, but was running out the door and didn't have the time.

Re: How will your Social Security COLA change in 2024?

chrystaltree — Fri, 12 May 2023 04:37:09 GMT

It's likely there won't be a 2024 COLA. If there is, it will be miniscule.

Re: How will your Social Security COLA change in 2024?

Linmo — Fri, 12 May 2023 04:48:05 GMT

@Snowpuppy ITA. Nothing will be lost, but recipients of social security and other payments could be in for a rough ride.

Re: How will your Social Security COLA change in 2024?

hckynutjohn — Fri, 12 May 2023 05:52:16 GMT

(thread title)

I can speculate and guess with the best. How will my SS COLA change me/my family and how we live? ZERO!

More important things in my life than what some so-called, non-middle class economists, figure my COL actually is.

@Mindy D

hckynut 🇺🇸

Re: How will your Social Security COLA change in 2024?

JoyFilled Warrior — Fri, 12 May 2023 06:41:43 GMT

Hi@Mindy D

Thank you so much for this Info & Article Title.

Great info!

Re: How will your Social Security COLA change in 2024?

Mindy D — Fri, 12 May 2023 16:11:18 GMT

@Mz iMac wrote:
The 2023 amount was the largest I believe in 40 yrs. Everyone should know it's downhill from 2024 & beyond.

Anything is better than nothing!

@Mz iMac Yes, but you get to add the new percentage to the amount you received in 2023 which, if the new COLA is about about 3.1%-4% (just a guess for a hypothetical here) means that over the past two year. If there's a 4%, your benefit over two years would increase around 12%. That's no slim pickins.

Wish it would keep up with the price of groceries and food from all sources. When you add foods costs to shrinkflation, consumers are paying so much more for meals than five years ago.

Re: How will your Social Security COLA change in 2024?

feline groovy — Fri, 12 May 2023 20:35:45 GMT

Of course the increase will be smaller than this year's 8.7%, which was the highest since 1981.

This also applies to SSDI (Social Security Disability) and SSI (Supplemental Security Income), which people often forget.

Re: How will your Social Security COLA change in 2024?

ALRATIBA — Fri, 12 May 2023 23:58:03 GMT

I'll be just fine.

I can't do anything about it .... so why even think about it?

Re: How will your Social Security COLA change in 2024?

Stray — Sat, 13 May 2023 13:24:41 GMT

A lot more is on my radar than to think about COLA; it is what it is. I have no control over it

Re: How will your Social Security COLA change in 2024?

Puppy Lips — Mon, 15 May 2023 03:10:23 GMT

I am not on Social security yet. But some people may need or want this information. If this information does not concern or affect you, no reason to question why someone would post this or dismiss the topic all together.

Re: How will your Social Security COLA change in 2024?

tototwo — Mon, 15 May 2023 12:00:40 GMT

Depends on how this debt ceiling thing turns out.....

Re: How will your Social Security COLA change in 2024?

KCDiva — Mon, 15 May 2023 13:29:00 GMT

I'll just be happy to get a check.

Re: How will your Social Security COLA change in 2024?

Cakers3 — Mon, 15 May 2023 14:27:33 GMT

@Puppy Lips wrote:
I am not on Social security yet. But some people may need or want this information. If this information does not concern or affect you, no reason to question why someone would post this or dismiss the topic all together.

@Puppy Lips The article is not submitted by the SS Administration. The SS decision will not be made until October 2023.

This article, among others, is based on watch groups; specifically the Senior Advocacy Group.

Until the SS Administration issues a final COLA percentage projections are just that - estimates.

I agree with those who feel we are not learning what the COLA will be based on estimates regardless of who makes them.

Obviously right now we can see a smaller COLA-that is obvious.

I agree what will be will be and folks will adjust. We have no choice.

Re: How will your Social Security COLA change in 2024?

soozer — Mon, 15 May 2023 14:34:36 GMT

Stop the out of control spending and giving our money away at the expense of American citizens, including our vets, seniors, and disabled. It is simple. When you reduce the tax base, it is basic economics. Please.

Re: How will your Social Security COLA change in 2024?

Tinkrbl44 — Mon, 15 May 2023 18:52:58 GMT

@soozer wrote:
Stop the out of control spending and giving our money away at the expense of American citizens, including our vets, seniors, and disabled. It is simple. When you reduce the tax base, it is basic economics. Please.

@soozer

I'm not sure I understand your point relating to Social Security.

Cutting taxes is one thing, but it doesn't mean that SS will automatically go up as a result.

Re: How will your Social Security COLA change in 2024?

Snowpuppy — Mon, 15 May 2023 20:08:44 GMT

She wasn't talking cuttung taxes (income) she is talking cutting spending.

Re: How will your Social Security COLA change in 2024?

Trailrun23 — Wed, 17 May 2023 00:35:52 GMT

Usually, a COLA goes up during an election year.....but time will tell. I predict the cost of gas and groceries will go down shortly before the election, then either plummet or skyrocket, depending upon the outcome.