Social Security recipients saw an 8.7% increase this year, but are expected to get less come 2024.
levels, and how “Ultimately, the Social Security Administration determines its cost-of-living adjustment based on its expectations for the rate of inflation in the next year.”, Tidemann says it’s a sign of experts’ hopefulness for the economy.
“If inflation is less pernicious, as economists expect in 2024, Social Security checks do not require as high of an upward adjustment to maintain their pice-adjusted value to seniors,” explains Tidemannn.how the 2024 COLA will bump Social Security checks up by about $53.60, although this number also depends on what Medicare Part B premiums may be.
“As of today’s COLA forecast, the affordability outlook for a $15 Part B increase looks challenging for some but doable for most Medicare beneficiaries,” reads the report. “If inflation continues to slow and the COLA for 2024 is lower, the list that the Part B premium increase may exceed the amount of the COLA increases, especially for those with the lowest Social Security benefits.
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