The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
Social Security recipients will receive a projected 3.2% raise for 2024, an above-average adjustment that may still prove no match for sticky inflation.
A COLA of that size would be much less than this year’s historic 8.7% raise but still greater than the average over the past 20 years, which is 2.6%, according to Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League and author of the projection. Housing costs have seen some of the biggest increases over the past 12 months. Shelter costs were up 7.3% in the 12 months ending in August, according to the Bureau of Labor Statistics, and food costs were up 4.3%. In a recent poll by the Senior Citizens League, just over two-thirds of respondents reported that their household expenses remain at least 10% higher than one year ago.
Taxes could further erode some retirees’ benefits. You will pay federal income taxes on a portion of your benefits if your combined income is more than $25,000 as an individual and more than $32,000 as a couple filing a joint tax return. These dollar thresholds haven’t been adjusted for inflation since they were first implemented in 1984.
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