If inflation eases, a lower Social Security cost-of-living adjustment could be on the horizon for 2024

If inflation continues to fall at the current rate, Social Security cost adjustments are projected to be less than 3% for 2024.

[{"selector":"#anim-faaf6a22-6b12-438d-ae49-0062ff682213 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-f0e736b6-d398-4e35-b8af-4e328b14e746 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Social Security beneficiaries saw their Social Security benefits jump 8.7%, the most on record in four decades. Social Security beneficiaries saw their Social Security benefits jump 8.7%, the most on record in four decades. CREDIT GETIMAGE

[{"selector":"#anim-5cb04b7c-6ea7-477d-b667-201d266121aa","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] This time the consumer price index for consumers rose 5% from a year earlier and 0.1% in March. This time the consumer price index for consumers rose 5% from a year earlier and 0.1% in March. CREDIT GETIMAGE

[{"selector":"#anim-778cc63a-c023-44c5-ba26-68b61bfcbf89 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This year's 8.7% increase is about 2.6% higher than the average rate of inflation for each month of 2023 so far. This year's 8.7% increase is about 2.6% higher than the average rate of inflation for each month of 2023 so far. CREDIT GETIMAGE

[{"selector":"#anim-b306ccdf-dabd-408e-b50a-e6f74a41c2dd","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] According to a report, the average benefit from January 2021 to December 2022 is about $ 1,054 less than inflation. According to a report, the average benefit from January 2021 to December 2022 is about $ 1,054 less than inflation. CREDIT GETIMAGE

[{"selector":"#anim-31d3c73d-b2d2-4b33-b838-4d69c31b03c6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] For an average benefit of $1,694 per month, that represents a cushion of approximately $44.90 per month. For an average benefit of $1,694 per month, that represents a cushion of approximately $44.90 per month. CREDIT GETIMAGE

[{"selector":"#anim-6f0783b0-f130-43bb-8d1f-02b7b3bad038 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] All these signs point to a lower Social Security COLA next year, while Medicare Part B premiums could be higher. All these signs point to a lower Social Security COLA next year, while Medicare Part B premiums could be higher. CREDIT GETIMAGE

[{"selector":"#anim-25b0d9dd-6a5d-4060-a546-678884528931 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The projection for 2024 is $174.80, according to the Medicare Trustees' report released last month. The projection for 2024 is $174.80, according to the Medicare Trustees' report released last month. CREDIT GETIMAGE

If inflation eases, a lower Social Security cost-of-living adjustment could be on the horizon for 2024

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If inflation eases, a lower Social Security cost-of-living adjustment could be on the horizon for 2024

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If inflation continues to fall at the current rate, Social Security cost adjustments are projected to be less than 3% for 2024.

If inflation continues to fall at the current rate, Social Security cost adjustments are projected to be less than 3% for 2024.

If inflation eases, a lower Social Security cost-of-living adjustment could be on the horizon for 2024

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