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New COLA for 2024

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pacmanx1

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Social Security Announces 3.2 Percent Benefit Increase for 2024

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to approximately 7.5 million people receiving SSI will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits).

Press Release | Press Office | SSA

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Great job, pacman.  Now, for what a 3.2% increase means to you. Here is a simple (shortcut) way to figure out what your 2024 compensation will be.  

1.  Multiply what you get now (2023 compensation) times 1.032 = your 2024 compensation with Cola.  

Example:

You are a 100 percent P and T vet, and you are married (no children).  

Your current pay should be 3,823.89

Multiply times 1.032 and your new pay for 2024, with cola included should be $3946.25 which is an increase of $122.36 per month.  

  This should work regardless of how much you are getting now, (90%, 100%, 40%, SMC, dependents no dependents etc). Just multiply it times 1.032.  There are other ways to figure it, many of those work, but this one is "one step".  

 

   

 

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Thanks for the math lesson broncovet. I am assuming the same formula will work for SSA, SSDI, and SSI.

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I’m not really impressed with the cola calculation. Because it doesn’t truly reflect what disabled or elderly people spend their money on. Ie medical bills, gas, groceries that are actually bought verse what is minimal. I wish congress would account for that. Granted I’m happy for the increase but it doesn’t truly reflect it 

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