MA Senior Residents: Are You Ready For More Moolah, Moolah, Moolah?
Attention Bay State senior citizens: How would you like to see some extra money in your pocket? That could be the case in 2024 as you'll see a 3% increase in your monthly Social Security cost-of-living adjustment. Here is a comprehensive report of this proposal from The Senior Citizens league. Take a look at the latest specifics by logging on here.
Statistics show The Consumer Price Index for Urban Wage Earners and Clerical Workers has increased by 2.3% year over year and that's good news if you ask me. The report added there are still three months of data to be looked at as the estimated percentage could change when it is released in October. Hopefully, this goes into an upward trend as many elderly residents are in the process of experiencing tough times due to inflation and expenses like grocery shopping skyrocketing to an impossible level. High medical bills are also attributing to this ongoing problem as this much needed relief is necessary for those who are eligible.
Cost-of-living adjustments are determined using third-quarter data from the months of July, August and September. In May of 2023 they determined the estimated increase would be 3.1% for 2024. This year, Social Security recipients received an 8.7% cost of living adjustment which marked the largest increase since the 1980's.
It is believed an average of nearly 67 million Americans collect Social Security benefits per month which totals over $1 trillion in benefits paid during the year. This should be rule of thumb as residents pay for the system while gainfully employed prior to their retirement.
The COVID-19 pandemic's impact on inflation also led to abnormally high adjustments, which included a 5.9% increase in 2022 and an 8.7% increase in 2023.It is believed that Social Security benefits represent about 30% of income for Americans ages 65 and older with some taking early retirement once they reach 62 years of age.
(Some information obtained in this article courtesy of www.silive.com)