Everyone in the US economy wants to know their increase in social security benefits and whether these benefits increase or change can be determined with the COLA. This Cost of Living Adjustment in the country is determined from the Consumer Price Index for the period of July, August as well as September. These three month period CPI data will determine the forthcoming Year COLA. Every researcher, economist wants to know the COLA for the next year and they want to calculate the COLA. For this they keep their eye on the inflation data.
This inflation data is the CPI which can determine the COLA. We already have the inflation data for July and August and the economists are awaiting the September inflation data. This data will be soon posted by the US Bureau of Labor Statistics on 10th October 2024. Following that we will have the COLA for the forthcoming year and we will know the Social Security Increase. Many of you might research and find for this 17.6%-17.8% Social Security Increase in 2024. This news will excite you and you want to know about this. No worries, we will provide you with this social security increase update.
17.6%-17.8% Social Security Benefit Increase in 2024
The time for the COLA Calculation is coming and economists as well as researchers keep an eye on the inflation data to know the social security increase. This COLA increase will be calculated in October but this COLA Increase 2025 will be effective from 1st January 2025. This 17.6%-17.8% are the two increased percentages which excite the citizens. Some of the citizens expected that this is the increase for the next year but this is not like that.
These both percentages are the increase in the consumer goods from the past couple years. As a year, the COLA for the previous year is 8.7% and citizens think that this COLA should be doubled to 17.4% so that the citizen can get the retroactive payments but this decision is not taken. In the previous year the inflation was very high which increased the social security benefits but in this year the COLA is 3.2% which means that the inflation is rapidly decreasing. This guide is all about 17.6%-17.8% Social Security Increase in 2024 with the COLA Calculation for next year.
Social Security Increase Update 2024- Overview
| Title | 17.6%-17.8% Social Security Increase in 2024 |
| Year | 2024 |
| Country Name | USA |
| Name of the Department | US Bureau of Labor Statistics |
| COLA 2024 | 3.2% |
| Average Consumer Goods Increase | 17.6% |
| Last three year COLA | 17.8% |
| Category of the Post | Finance |
| Official Web Page | www.bls.gov |
17.6% Social Security Increase 2024
This 17.6% is the Average consumer goods increase for the past couple years. This average consumer goods includes all the goods in the economy. The food items, energy commodities and other items are included in this consumer goods. Here we have the increase as per the category of the items:
| Item Category | July 2020-21 | July 2021-22 | July 2022-23 | July 2023-24 |
| All times | 5.4% | 8.5% | 3.2% | 2.9% |
| Food | 3.4% | 10.9% | 4.9% | 2.2% |
| Energy | 23.8% | 32.9% | -12.5% | 1.1% |
| All items excluding Food and Energy | 4.3% | 5.9% | 4.7% | 3.2% |
17.8% Increase in Social Security Benefit 2024
This 17.8% Increase is the COLA increase for the previous three years. When we add the previous two years COLA including the COLA for this year results in this percentage. Let’s see the calculation here:
| COLA | Calculation | |
| Year | COLA | Add all these COLA = 3.2% + 8.7% + 5.9% = 17.8% |
| 2024 | 3.2% | |
| 2023 | 8.7% | |
| 2022 | 5.9% | |
COLA Increase Update
The COLA can be calculated with the three data points and these three data points are the Inflation data or CPI data for the three months. These three months are July, August, September. As per the data we have the two data points. This means that we only have the CPI for July and August. The September CPI will be posted on 10th October 2024 by the US Bureau of Labor Statistics. Let’s know the calculation here:
| Description | CPI W | |
| Year/Month | 2023 | 2024 |
| July | 299.899 | 308.501 |
| August | 301.551 | 308.640 |
| September | 302.257 | Not Announced |
| Total For three months | 903.707 | X |
| Average | 301.236 | X |
Calculation: X minus 301.236/ 301.236 * 100 = Y%
FAQ Related To 17.6%-17.8% Social Security Benefit Increase in 2024
Next year COLA will be available on the SSA portal.
Next year COLA will be determined by CPI data or inflation data.
The SSA benefits will be modified as per the COLA.
The Social Security Benefits will be increased from next Year.
No, this is not the increased percentage. This is the previous two years COLA and this year COLA sum.
