New government inflation data points to a 3.2% Social Security cost-of-living adjustment in 2024. Here’s how that estimate may affect you.
The Senior Citizens League's 3.2% COLA estimate is based on consumer price index data through August.
That official calculation will be based on inflation data for July, August and September from the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. "At this point, there's always a chance of inflation doing something totally unexpected," Johnson said, which may affect the official benefit adjustment for 2024.Meanwhile, there is a 9% chance of it going higher and a 30% chance it may be lower, she said.Medicare Part B premiums are typically deducted directly from Social Security checks.Medicare Part B premium rates also change each year. The Medicare trustees have projected the average monthly premium may be $174.
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