2. COLA increase
Maybe some of you were expecting this to happen, but yes, the COLA will increase in 2024. The new cost of living adjustment will be 3.2%, and even if this is a decline compared to 2023, this is such a big change compared to the average of 2.6% we used to have for decades in a row.
Such a change will affect everyone who receives Social Security benefits. But how much this will affect you depends on how much you earn and when you decide to claim the benefits.
Of all the Social Security changes coming in 2024, this one will give you some extra cash, but on average, this is not a lot. Maybe you will receive around $59 more per month. It is like a little bonus you can get if you are wise with your finances.
If you are one of those who have a long-term disability, you will receive extra money too. Again, it is not an incredible sum—around $48 per month—but nobody gets mad for reviving more money. After all, it will add up over time, and this is an advantage. You can start a little savings account.
4 thoughts on “6 Social Security Changes Coming in 2024”
Wow, such great information. Very helpful!
COLA does not even come close to helping with the rising food, Gas, electric, Heating oil,
and almost everything else .Government algorithms are for the birds
how do we get SSA to make changes. I could not get my deceased husband’s monthly SS because I receive a Federal Gov. retirement. they have some kind of formula to determine eligibility. do we need to vote on any changes, write to someone to make the changes.? I’m sure there are more like me in this situation
Barbara, the same happened to me. It is called the Government Pension Offset (GPO)
Government Pension Offset (GPO) – If
you qualify for benefits as a current or
former spouse, widow, or widower, the
GPO may reduce or eliminate your
benefits. Jan 20, 2024
The bipartisan Social Security Fairness
Act — which now has 308 cosponsors
would eliminate both the WEP and the
GPO, two provisions of the Social
Security Act that unfairly reduce or
eliminate Social Security benefits for
millions of Americans who have devoted
much of their careers to public service.
Make your vote count. 🗳