The Social Security inflation adjustment for next year is coming into view, and it looks like it will a healthy figure - just not as large as this year’s historic 8.7 percent raise. The recent slowdown in inflation points to a 2024 Social Security cost-of-living adjustment, or COLA, of around 3 percent, although some forecasts peg the figure a bit higher. But a COLA in that range would still be larger than the average 2.6 percent adjustment over the past two decades.
You call a COLA increase of 3% healthy??? When I see a bunch of regular celery priced at $3.99 at a local market and my rent taking the largest increase in the 20 years i have live here, I have to wonder what planet you're living on to make that kind of assessment. Wait, there's more...with the coming monthly premium increasing 6%, that wipes out half of the COLA increase. Even the 8.7 % this year didn't keep up with the inflation rate, just as the COLA for years has been a wash when compared to the increases in the monthly premiums. Year after year I've seen those increases wipe out any increase in my benefit amounts, leaving me to try to live within my same benefits while inflation kept eating away at the value of my dollars. At least five years ago I started noticing that, even though price increases were not yet remarkable, there was a noticeable decrease in the quantities offered at the same prices as before. Paying more for less is inflation; the value of the dollar gradually dropping. Sneaky, isn't it.
Please be more careful when encouraging people to be impressed with this so-called healthy rise of the 2024 COLA. It just ain't the truth.
You call a COLA increase of 3% healthy??? When I see a bunch of regular celery priced at $3.99 at a local market and my rent taking the largest increase in the 20 years i have live here, I have to wonder what planet you're living on to make that kind of assessment. Wait, there's more...with the coming monthly premium increasing 6%, that wipes out half of the COLA increase. Even the 8.7 % this year didn't keep up with the inflation rate, just as the COLA for years has been a wash when compared to the increases in the monthly premiums. Year after year I've seen those increases wipe out any increase in my benefit amounts, leaving me to try to live within my same benefits while inflation kept eating away at the value of my dollars. At least five years ago I started noticing that, even though price increases were not yet remarkable, there was a noticeable decrease in the quantities offered at the same prices as before. Paying more for less is inflation; the value of the dollar gradually dropping. Sneaky, isn't it.
Please be more careful when encouraging people to be impressed with this so-called healthy rise of the 2024 COLA. It just ain't the truth.
Depends on what CPI is for August and September. May be a little over 3%. Anything more than 0 is fine with us....:-)