{"id":20533,"date":"2023-09-19T13:22:36","date_gmt":"2023-09-19T13:22:36","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/social-security-payments-could-rise-3-2-in-2024\/"},"modified":"2023-09-19T13:22:46","modified_gmt":"2023-09-19T13:22:46","slug":"social-security-payments-could-rise-3-2-in-2024","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=20533","title":{"rendered":"Social Security payments could rise 3.2% in 2024"},"content":{"rendered":"
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Following a rise in annual inflation for August<\/u>, the Social Security cost of living adjustment (COLA) for 2024 is projected to rise 3.2%, according to an analysis<\/u> by The Senior Citizens League (TSCL). That boost would raise the average monthly benefit of $1,790 by $57.30, bringing it to a total average of $1,847.30.<\/p>\n

However, that forecasted raise is far from the historic 8.7% increase seen in 2023.\u00a0<\/p>\n

“In 2023, retirees received the highest COLA in 40 years \u2014 (8.7%), but nobody is getting rich,” TSCL said in a statement. “The reality is that the dollar amount of the COLA increase received is meager at best.”<\/p>\n

More than half (55%) of beneficiaries that year reported spending more than $2,000 a month on expenses, according to TSCL data. And 45% said they spent less than $2,000 a month.<\/p>\n

Nonetheless, Social Security benefits remain the sole source of income for 40.2% of American retirees, according to <\/u>research<\/u> by the National Institute on Retirement Security (NIRS).<\/p>\n

The official annual COLA to Social Security benefits will be announced in mid-October. By law, it\u2019s calculated using inflation during July, August and September as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The rates for all three months are added together and averaged before being compared with the third quarter average from one year prior. The official COLA is the percentage difference between the two. This would be reflected in the first Social Security checks sent out January 2024.<\/p>\n

If high-interest debt is cutting into your retirement savings strategy, you could consider paying it off with a personal loan at a lower interest rate to help you lower your monthly payments. Visit Credible to speak with an expert and get your questions answered.<\/p>\n

MEDICARE PART D DRUG PRICES INCREASE MORE THAN 200% ON AVERAGE: AARP<\/u><\/strong><\/p>\n

Americans are losing hope on Social Security\u00a0<\/strong><\/h2>\n

More than half of Americans can no longer rely on Social Security<\/u>. In fact, 74% of adults said they can\u2019t count on Social Security benefits as an effective component of a retirement income strategy, according to a survey by Allianz Life<\/u>. And 88% said it\u2019s crucial to supplement Social Security benefits with another source of guaranteed income in order to plan a comfortable retirement.<\/p>\n

“Social Security benefits are often the backbone of a retirement strategy but it cannot be your entire strategy,” Kelly LaVigne, Allianz Life vice president of consumer insights, said in a statement. “A strong retirement strategy will ensure you have enough guaranteed income to cover your essential expenses. That guaranteed income can come from Social Security benefits along with other investments and protection products such as annuities.”\u00a0<\/p>\n

However, many of today\u2019s workers may not get their full Social Security benefits down the road. In 2033 \u2013 when the Social Security fund or the Old-Age & Survivors Insurance (OASI) fund is expected to become insolvent \u2013 the average couple retiring that year could experience an annual benefits cut of $17,400 in today\u2019s dollars, according to an analysis<\/u> by the Committee for a Responsible Federal Budget (CFRB).\u00a0<\/p>\n

“Upon insolvency, the law mandates that the OASI trust fund can only spend in amounts equal to incoming trust fund revenue, which means that all 70 million retirees, dependents and survivors \u2013 regardless of age, income, or need \u2013 will see their benefits cut by 23 percent,” the CFRB said.<\/p>\n

If high-interest debt is preventing you from saving as much as you can for retirement, you could consider paying it off with a personal loan at a lower interest rate. Visit Credible to compare options from different lenders without affecting your credit score.\u00a0<\/p>\n

AMERICANS OVER AGE 55 PLAN TO DELAY RETIREMENT: SURVEY<\/u><\/strong><\/p>\n

When should you start collecting Social Security?<\/strong>\u00a0<\/h2>\n

Many financial experts recommend people begin collecting Social Security when they reach their full retirement age or until they turn 70 if possible. Full retirement age<\/u> is based on birth year. At full retirement age, Social Security recipients are eligible for their full benefits. But if they delay collecting benefits until they reach age 70, their benefits increase.<\/p>\n

However, eligible Americans can begin earning Social Security benefits at age 62. But doing so would reduce monthly payments by a certain percentage up until full retirement age. That reduction is based on several factors<\/u> including birth year.<\/p>\n

“If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits,” Fidelity Investments said in a post<\/u>. “For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit. So, if you can afford it, waiting could be the better option.”<\/p>\n

Still, Social Security benefits generally cover about only a third of a middle-income worker\u2019s average wages, according to an Actuarial Note<\/u> from the Social Security Office of Chief Actuary.\u00a0<\/p>\n

“Making matters worse, most older adults claim Social Security benefits before reaching full retirement age and receive permanently reduced benefits,” TSCL said.<\/p>\n

If you\u2019re worried that Social Security benefits won’t cover a significant portion of your retirement income, you could boost savings by paying off high-interest debt with a personal loan at a lower interest rate. Visit Credible to get your personalized rate in minutes.<\/p>\n

MORE THAN HALF OF GEN XERS STOPPED SAVING FOR RETIREMENT, HERE’S WHY: SURVEY<\/u><\/strong><\/p>\n

Have a finance-related question, but don’t know who to ask?<\/strong>\u00a0Email The Credible Money Expert at\u00a0<\/i>moneyexpert@credible.com<\/u><\/i>\u00a0and your question might be answered\u00a0by Credible\u00a0in our Money Expert column.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Following a rise in annual inflation for August, the Social Security cost of living adjustment (COLA) for 2024 is projected to rise 3.2%, according to an analysis by The Senior Citizens League (TSCL). That boost would raise the average monthly benefit of $1,790 by $57.30, bringing it to a total average of $1,847.30. However, that<\/p>\n","protected":false},"author":1,"featured_media":20534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-20533","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nSocial Security payments could rise 3.2% in 2024 | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Following a rise in annual inflation for August, the Social Security cost of living adjustment (COLA) for 2024 is projected to rise 3.2%, according to an\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=20533\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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