Social Security serves as a vital source of income for millions of Americans. A preliminary estimate of a 3% COLA increase for Part B premiums in 2024 might significantly affect participants’ monthly payments.

The Social Security Administration releases the COLA, or cost-of-living adjustment, for the upcoming year every October. The cheques that will be given to beneficiaries each month are subject to this rate. After reviewing inflation data, the COLA is calculated, and the rate takes into consideration recent and upcoming developments.

Social Security benefits are on track for a reduced COLA in 2024, with some projections putting it at approximately 3%, since general inflation is expected to be lower this year.

The rise in 2024 is not anticipated to be as large as the record-breaking increase in monthly payments of 8.7% that occurred in 2018, but “it should be enough to make a noticeable difference in January.

The fiscal 2024 COLA would be the smallest adjustment since 2020 if it dips below 2%.

Every October, the Social Security Administration calculates COLA. According to CBS News, the government based its computation on the difference between the third quarter and second quarter of the previous year’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) values. The COLA is zero if there is no change.

Social Security recipients might anticipate a significant rise in their monthly income for the upcoming fiscal year when the CPI-W increase is particularly high, as it was during the third quarter of 2022. Now, that is the situation. The 2023 COLA is 8.7%, which is the highest level in more than 40 years due to last year’s extremely high inflation rate.

After an expected 3% COLA rise for 2024, a retiree can anticipate a monthly increase of $55, a worker with a disability, $44, a senior couple, $89, a widow, $51, and a widow with two children, $106.

Beginning in January 2024, recipients should begin to notice the COLA rise on their monthly checks.

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