Latest (and Final) Estimates on 2024 COLA Are In -- How Much More Could Beneficiaries Be Making?

Contributing sentiments towards policy:

64% : As TSCL noted, the SSA automatically deducts Medicare Part B premiums from Social Security benefits before the benefits are received.
59% : Social Security 2023: Recent Study Shows Quarter of Americans Underestimate Their Benefits By $5,000Discover: 3 Ways To Recession-Proof Your RetirementThe 2024 COLA will likely be 3.2%, according to the latest and likely final estimate from The Senior Citizens League (TSCL), a nonpartisan seniors advocacy group.
58% : Meanwhile, Social Security benefits replace only about one-third of a middle earner's average wages, according to the Social Security Office of Chief Actuary.
53% : Social Security: No Matter Your Age, Do Not Claim Benefits Until You Reach This MilestoneA COLA of 3.2% would raise the average monthly retiree benefit of $1,790 by $57.30, according to TSCL.
47% : "Making matters worse, most older adults claim Social Security benefits before reaching full retirement age and receive permanently reduced benefits according to TSCL's Retirement Survey," Johnson wrote.
46% : Social Security beneficiaries can expect a much lower cost-of-living adjustment (COLA) in 2024 than they got this year as easing inflation has lessened the need for the kind of historically high COLAs that have been issued the last couple of years.

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