The Social Security cost-of-living adjustments (COLAs) have been a hot topic in recent years, with beneficiaries experiencing some of the highest increases in four decades. As we look ahead to 2024, experts are predicting a more modest rise in monthly payments, with the inflation gauge used by the Social Security Administration (SSA) showing a 2.6 percent annual rate for July.
Heather Schreiber, a renowned retirement income certified professional and the writer of Heather Schreiber’s Social Security Advisor, was recently featured in an AARP article titled “Social Security COLA 2024: How Much Will Benefits Increase Next Year?” In the piece, Heather sheds light on the factors that may affect the COLA’s value, including Medicare costs.
She notes that a rise in the Medicare Part B premium in 2024 could offset a portion of the COLA increase for many Social Security recipients. Heather also highlights how the rising costs of Alzheimer’s drugs covered by Medicare may play a role in determining the final benefit amount for 2024.
This insightful analysis offers a glimpse into the complexities of Social Security adjustments and the potential impact on beneficiaries. Heather’s expertise in this area provides valuable context and understanding for financial professionals and retirees alike.
To read the full article and gain more insights from Heather Schreiber, click here.
