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Senior Citizens League

All articles tagged with #senior citizens league

retirement2 years ago

Important Social Security Updates for Retirees in 2024

The Social Security Administration will announce the cost-of-living adjustment (COLA) for retirees this week, with expectations of a smaller increase compared to last year due to cooling inflation. The Senior Citizens League estimates a 3.2% increase based on August inflation data. While this is a decline from the 8.7% increase in 2023, it remains higher than the average increase over the past two decades. However, higher Social Security payments can reduce eligibility for low-income safety net programs and push retirees into higher tax brackets. The Senior Citizens League advocates for an inflation measure specifically for seniors to accurately account for their spending on healthcare.

via Fox Business|
#cost-of-living-adjustment#inflation#retirees
social-security2 years ago

2024 Social Security Benefit Increase: What You Need to Know

The official announcement of the increase in Social Security benefits for 2024 has not yet been published. The announcement is typically made in October once the Consumer Price Index for Urban Wage Workers and White-collar Workers (CPI-W) data for July, August, and September are available. The cost-of-living adjustment (COLA) is expected to go into effect in December and could be around 3% according to estimates from The Senior Citizens League.

via AS USA|
#cost-of-living-adjustment-cola#cpi-w#senior-citizens-league
social-security2 years ago

Social Security's 2024 COLA: Modest Increase Expected

Social Security recipients may receive a 3% boost in 2024, following an 8.7% increase in 2023, according to estimates based on July's consumer-price data. The Senior Citizens League, a pro-senior think tank, predicts the 3% cost-of-living adjustment (COLA), which would raise the average monthly benefit by $53.70. High prices continue to impact retirees' budgets, with 79% reporting significant effects, particularly on healthcare access. A recent survey by the Senior Citizens League found that many retirees have postponed dental care, optical exams, and medical treatments due to costs. Additionally, over 20% of Social Security beneficiaries paid taxes on their benefits for the first time this past tax season.

via MarketWatch|
#cola#cost-of-living-adjustment#inflation
social-security2 years ago

"Projected Social Security COLA Increase for 2024 Revealed"

The latest estimate from the Senior Citizens League suggests that there could be a 3% increase in Social Security benefits in 2024. The increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which rose by 2.3% year over year. The final COLA for 2024 will be determined using third-quarter data from the index, and there may be changes to the estimate as more data is analyzed. The average monthly benefit as of June 2023 is $1,701.62.

via NJ.com|
#consumer-price-index#cost-of-living-adjustment-cola#inflation
social-security2 years ago

Social Security 2024 COLA Projection: Higher Increase Expected

The forecast for next year's Social Security cost-of-living adjustment (COLA) has increased to 3%, according to The Senior Citizens League, a nonprofit seniors group. This comes despite a decrease in inflation in June. The average monthly check for Social Security beneficiaries was $1,701.62 in May, and a 3% COLA would mean an extra $51 each month. However, the estimate could change as there are still three more months of data before the COLA is announced in October. Additionally, the increase in Medicare Part B premiums could potentially offset the COLA increase. Seniors have been struggling with inflation, with the average Social Security benefit falling behind by $1,054 due to severe inflation in 2021 and 2022.

via USA TODAY|
#cola#inflation#medicare
finance2 years ago

Social Security's COLA and Direct Payments: What You Need to Know

The Senior Citizens League (TSCL) predicts that the cost-of-living adjustment (COLA) for Social Security recipients in 2024 will be around 3.1%, significantly lower than the 8.7% increase in 2023. TSCL argues that cooling inflation may result in a smaller COLA increase that could have detrimental effects on beneficiaries, as Social Security benefits have lost about a third of their buying power since 2000. Seniors have different spending habits than younger generations, and the Consumer Price Index does not accurately reflect the rising costs of items that older Americans more frequently spend their money on, including prescription drugs, food, housing, or dental services.

via The Hill|
#cola#finance#inflation
finance2 years ago

2024 Social Security COLA increase projected to shrink due to easing inflation.

The Senior Citizens League has estimated that the cost-of-living adjustment for Social Security benefits in 2024 could be 3.1%. However, the buying power of Social Security benefits has dropped by 36% since 2000, with eggs being the fastest-growing cost for seniors over the past year. To maintain the same standard of living as in 2000, retirees would need an extra $516.70 per month. While a higher cost-of-living adjustment may prompt higher spending among older Americans, it is delayed relief for those struggling with high inflation.

via CNBC|
#buying-power#cost-of-living-adjustment#finance