Cola Increase 2024 Projections 2024. 2022 inflation 6.5%, cola 8.7%, average raise 4.6%. The cola for 2023 was 8.7%.
While the cola increase will boost social security benefits, it is anticipated that the standard medicare part b premium will also rise. Retirees on social security receive an increase of their social security benefits each year known as the cost of living adjustment or cola.
With The Increase, That Would Jump To $1,760.30 Per Month.
Colas are tied to the inflation.
The Official Cola Won't Be Announced Until Oct.
A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.
Cola Increase 2024 Projections 2024 Images References :
Last Year, Federal Retirees Received One Of Their Most Significant “Raises” In Several Decades With The Annual Cola Coming In At 8.7%.
With the increase, that would jump to $1,760.30 per month.
Since The Federal Reserve Appears To Have Made Progress On The Inflation Front This Year, Projections Suggest.
2022 inflation 6.5%, cola 8.7%, average raise 4.6%.