Whether they are elderly or disabled, nearly 70 million Americans presently rely on Social Security benefits. The benefits are received by almost 90% of people 65 and older, and they account for about 33% of their revenue.
Social Security COLA 2024
There may be no COLA for benefit beneficiaries in 2024. The 2023 cost of living adjustment, which was fixed at 8.7% percent, significantly increased payments to Social Security beneficiaries.
Experts have cautioned, though, that Americans may not see any benefits increases in 2024. This is due to inflation, which is gradually decreasing. However, Americans would still experience higher payments in 2024 if the consumer price index rose by even a mere 0.3%.
Based on the US Inflation Calculator, the most current inflation rate is 6.4%, based on a CPI of 296.797. The average inflation rate over the previous year is reflected in this figure. On March 14 at 8.30 am, the following inflation report is expected to be made available.
#DYK, we can withhold federal #taxes from your #SocialSecurity benefit? Download the form to change or stop your federal tax withholding here: https://t.co/0Z28g59E5d
— Social Security (@SocialSecurity) March 12, 2023
Social Security Retirement Age
As per the Social Security Administration, a person’s Social Security retirement payout increases by roughly the same amount as the COLA when the benefit number is added in.
Even though you can start receiving Social Security benefits at age 62, your weekly benefits will be reduced. The traditional complete retirement age for those born in 1937 or earlier was 65.
For those born between 1943 and 1954, the full retirement age is 66. The full age of retirement is 66 and also 10 months for people born in 1959, up from 66 and 8 months for people born in 1958, a rise of two months each year.
Those born in 1960 and turning 62 in 2022 will hit complete retirement age at 67. The full retirement age will continue to be 67 for people who were born in 1960 or later, reports The US Sun.
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