Mark your calendars now, because the Social Security Administration is set to announce a major update on October 10, 2024 that will impact people already taking Social Security and those who plan to.
What to Expect
You see, each year the Social Security Administration (SSA) looks at things like inflation to adjust Social Security benefits. This change known as the Cost of Living Adjustment (COLA) helps keeps your payments strong relative to the value of the US Dollar. Last year, the COLA adjustment was 3.2%. Despite the barrage of news about higher inflation, experts suggest this year’s adjustment will be lower.
How This Affects You
On the one hand, more money is almost always welcomed, so any cost of living increase is something to celebrate. On the other, it certainly feels like prices on the things we buy have going up substantially more than 3.2% than the year before, so your social security dollar might not go as far as it has in the past. You can expect 247 Wall St to cover this for you on October 10th.
What You Can Do Now
As I mentioned, the first step is to mark your calendar for October 10th. While your payments won’t immediately go up, since this sets the totals for 2025, it will give you a few months to understand how much more you’ll be able to spend in the coming year. If you’ve felt constrained due to inflation, this change can be a relief. In the meantime…
Top Gaining Stocks
Top Losing Stocks