Home Business News Social Safety cost-of-living adjustment may very well be 3.1% for 2024

Social Safety cost-of-living adjustment may very well be 3.1% for 2024

Social Safety cost-of-living adjustment may very well be 3.1% for 2024


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Inflation rose 4.9% in April from a year ago, less than expectations

Advantages’ shopping for energy dropped 36% since 2000

The Senior Residents League additionally evaluated how nicely Social Safety advantages have stored up with rising prices and located they’ve fallen brief.

Over the previous yr amid persistent excessive inflation, eggs had been the fastest-growing price for seniors, primarily based on the group’s evaluation of Bureau of Labor Statistics knowledge by way of February. Different classes that landed within the high 5 quickest rising prices embrace apples, bread, espresso and dental visits.

Since 2000, Social Safety advantages have misplaced 36% of their shopping for energy, in keeping with The Senior Residents League’s calculations.

To have the ability to dwell as nicely on Social Safety advantages as beneficiaries did in 2000, at present’s retirees would want an additional $516.70 per thirty days, the nonpartisan senior group discovered.

The up to date evaluation of the loss in shopping for energy — measured from January 2000 by way of February 2023 — improved from a 40% decline present in final yr’s examine. But the marginally improved 36% loss in shopping for energy continues to be one of many deepest losses recorded, in keeping with the group’s evaluation.

Eggs additionally topped the record of fastest-growing prices for seniors since 2000. Different classes within the high 5 embrace prescribed drugs, heating oil, dental companies and Medicare Half B premiums.

One caveat to a report excessive cost-of-living adjustment this yr is the additional cash — estimated to be more than $140 per monthmay help prompt higher levels of spending amongst older Individuals, in keeping with analysis from Financial institution of America Institute.

Whereas increased spending might complicate the struggle in opposition to increased inflation, it’s delayed aid for older Individuals, whose cost-of-living adjustment was lower than value development in 2022.

“The common retiree has discovered dwelling with these excessive charges of inflation extraordinarily tough,” David Tinsley, senior economist at Financial institution of America Institute, previously told CNBC.com.



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