**2024 Social Security Check Increase: Why the News Isn’t as Good as Expected**
As 2024 approaches, many Social Security beneficiaries are anticipating an increase in their monthly checks. However, the latest forecast suggests the increase may be smaller than expected, which could leave many disappointed. Here’s what to know about the upcoming adjustment and why it might not provide the relief people were hoping for.
Each year, the Social Security Administration (SSA) adjusts benefits to keep pace with inflation through the Cost of Living Adjustment (COLA). This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), tracking the rising costs of goods and services. For 2024, the expected COLA is around 2.6%, down from last year’s 3.2% and significantly lower than the 2022 increase, which was driven by high inflation.
While inflation has eased compared to previous years, the lower COLA increase may still not be enough to cover rising living costs. Many Social Security recipients, particularly seniors, depend heavily on these benefits to pay for essentials like food, housing, and healthcare. With inflation still affecting prices, the smaller increase could mean less purchasing power for many.
The final COLA announcement will be made in October 2023, and while the projected increase isn’t as large as some hoped, it’s important to remember that it’s designed to protect against inflation.
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