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

millieshops · ‎03-09-2010

@Tinkrbl44 Off the top of my head, I'd say the statistics will be available soon. What the number that matters for those of us collecting SS is the difference between this year's number and last year's. I wish I had a good sense of the number, but I don't because the statistic used doesn't match exactly what other inflation stats do.

Personally, I think there will be an increase but not like last year because what we've been spending would be costing even more than it already is to see that kind of increase. I'm budgeting first to pay for required spending and putting off what I can until we know more.

Tinkrbl44 · ‎08-23-2010

@millieshops wrote:
@Tinkrbl44 Off the top of my head, I'd say the statistics will be available soon. What the number that matters for those of us collecting SS is the difference between this year's number and last year's. I wish I had a good sense of the number, but I don't because the statistic used doesn't match exactly what other inflation stats do.
Personally, I think there will be an increase but not like last year because what we've been spending would be costing even more than it already is to see that kind of increase. I'm budgeting first to pay for required spending and putting off what I can until we know more.

@millieshops

Funny, I asked that question yesterday and today's USA TODAY had an article about the 2024 SS COLA. Of course, this is still speculation.

Here's a portion, and can be read in its entirety on their site if you don't get their daily emails:

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

The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive a 3.1% COLA in 2024, the group estimates, based on April's 4.9% consumer inflation rate announced by the government Wednesday. That’s sharply lower than the four-decade high of 8.7% COLA in 2023.

For the average retiree who got a monthly check of $1,827 this year, the bump would mean an additional $56.64 a month in 2024, boosting the typical payment to $1,883.64.

***

Tinkrbl44 · ‎08-23-2010

@hckynutjohn wrote:
@qvcfreak wrote:
@hckynutjohn You can set it up at ssa.gov

@qvcfreak

Thank you, I appreciate that information.

hckynut 🇺🇸

@hckynutjohn

For many, Social Security COLAs is an ongoing conversation.

hckynutjohn · ‎06-15-2015

@Tinkrbl44 wrote:
@hckynutjohn wrote:
@qvcfreak wrote:
@hckynutjohn You can set it up at ssa.gov

@qvcfreak

Thank you, I appreciate that information.

hckynut 🇺🇸

@hckynutjohn

For many, Social Security COLAs is an ongoing conversation.

@Tinkrbl44

Why?

I hear the same poop I have heard for years from those, you knows! So an so is gonna take it away. And se and se isn't. It's broke/no, it's going broke. What are we gonna do?

Me? It falls in my category of: "I only concern myself with things I can control, and this topic is not 1 of them".

hckynut 🇺🇸

hckynut(john)

Mindy D · ‎05-23-2010

Yesterday, I read two news articles that cited lower inflation rates of around 3%. I just didn't see how this can be. The grocery store and restaurants are definitely not reflecting this in my area nor are any of my repeating monthly bills, which have all jumped in fees. Today, I read that inflation through April was 4.9%. That's more realistic than what I read read yesterday. Of course, this 4.9% is added to the 8% from the previous year's figures meaning that were up almost 15% from prices two years ago. This still seems low to me though.

i think that yesterday I read the same article that tinkerbell is citing and it had the same figures she states in her post on this thread.

Venezia · ‎03-09-2010

I just started reading this at the beginning, then realized it's from last year!

Why on earth bring up such an old thread? Start a new one that reflects the current situation. I do wish the mods would put a time lock on older threads.

"" A little learning is a dangerous thing."-Alexander Pope

Mindy D · ‎05-23-2010

@Venezia No wonder. Thanks for noticing that this is an old thread.

Tinkrbl44 · ‎08-23-2010

@Venezia wrote:
I just started reading this at the beginning, then realized it's from last year!

Why on earth bring up such an old thread? Start a new one that reflects the current situation. I do wish the mods would put a time lock on older threads.

@Venezia

The original post on this thread was made the end of September last year.

Just like Medicare changes, SS is an ongoing discussion for many. I think it's possible someone was going to start a new thread and this one popped up, so why should they start another one? I've made that mistake a few times.

I DO agree that threads from 2017 should be blocked ... or shut off ... or whatever they call it.

Venezia · ‎03-09-2010

@Tinkrbl44 - I accept that it's an ongoing discussion for some, but I still hate reading posts, then realizing they're 8 or 9 months old (or even older). A lot changes in that time.

And I still think it's better to start a brand new thread. We can all search out the older ones, if we want to. JMO. I find tacking onto old threads wastes people's time.

(And with that said, I've wasted enough time on this one! )

"" A little learning is a dangerous thing."-Alexander Pope