The Social Security Benefits are issued to the US Citizens. These benefits are revised by the Government as per the need in the economy and the inflation rate in the country. These revised benefits are applicable for one calendar Year. Each year the Government modifies these amounts as per Consumer Price Index. This CPI tells us about COLA. This COLA will determine the amount of benefits payable to the citizens in the US. This COLA affects the social security benefits for the whole next year. The Government does these calculations so that the citizens get an adequate amount of funds from the Government so that they can survive in the inflationary economy. It’s important for the Government to keep pace with inflation. This COLA is not limited to the benefits of SSI or SSDI. It has an unlimited effect on all the Social Security Benefits. This will not only affect the one or two beneficiaries rather than this will affect all the social security recipients. In this post we will see the COLA Effect On Social Security In September 2024. Also we will know the changes made to the social security benefits.
COLA Effect On Social Security In September 2024
The COLA can be determined with the CPI data for the months of July, August as well as September. These three months CPI Data will calculate the COLA for the next year and this COLA for next year will tell us the social security benefit rise or change. This CPI Data is available to us till the month July. The US Bureau of Labor Statistics posted the July Month CPI in mid August and now the August CPI Data will be posted on 11th September 2024. We are waiting for this data so that we can estimate the COLA for the next year or the increase for the next Year. Till today we will have two month data of CPI for the determination of the COLA for next Year. Soon we will get the September month CPI Data in mid October. Following that we will know COLA for the next year and this COLA will provide us the rise rate for the Social Security Benefits. We can easily speculate the COLA with the CPI data. We will easily know what the raise will be next year.
Cost of Living Adjustment 2024- Overview
| Title | COLA Effect On Social Security In September 2024 |
| Year | 2024 |
| Country Name | USA |
| Name of the Department | US Bureau of Labor Statistics |
| Month | September |
| COLA Increase 2024 | 3.2% |
| COLA Determination | CPI or Inflation Date for July, August, September |
| Category of the Post | Finance |
| Official Web page | ssa.gov |
COLA Raise 2024
From 1st January 2024, the COLA is 3.2%. This raise will provide benefits to over 71 million US Citizens. The retirement benefits are raised by $50 in 2024. The things that were changed from January this year are provided below:
| Category | 2024 | 2023 |
| Maximum Taxable Earnings for Social Security | $1,68,600 | $1,60,200 |
| Retirement Earnings test for citizens under retirement age | $22,320 | $21,240 |
| Retirement Earnings test for citizens at full retirement age | $59,520 | $56,520 |
| SSI Threshold For Non Blind | $1550 | $1470 |
| SSI Threshold For Blind | $2590 | $2460 |
| SSI Payment Rate for Individuals | $943 | $914 |
| SSI Payment Rate for Married Couples | $1415 | $1371 |
CPI or Inflation Data Update 2024
The US Bureau of Labor Statistics provides the July Month CPI Data. On 11th September 2024 the authorities will post the August month data. In October the September month data will be posted. All these Data will determine the COLA for the next Year. Here we will see the CPI for July and change in CPI from July 2023 till July 2024. CPI for the July for all items is raised by 0.2%. Over the past year the CPI has been raised by 2%.9% on all the items. We will see the 12 months change here:
| Item Category | July 2023 till July 2024 |
| All times | 2.9% |
| Food | 2.2% |
| Energy | 1.1% |
| All items excluding Food and Energy | 3.2% |
Social Security COLA History
| Year | COLA | Year | COLA | Year | COLA |
| 2014 | 1.5% | 2018 | 2.0% | 2022 | 5.9% |
| 2015 | 1.7% | 2019 | 2.8% | 2023 | 8.7% |
| 2016 | 0.0% | 2020 | 1.6% | 2024 | 3.2% |
| 2017 | 0.3% | 2021 | 1.3% | COLA Increase 2025 | ? |
FAQ Related To Social Security COLA Effect In September 2024
Will this COLA Payment affect the Payment rates in September 2024?
These payment rates get increased when COLA Payment changes.
What is the COLA rate for this Year?
The COLA rate for this year is 3.2%.
How is the COLA determined?
The COLA is determined with the inflation data for the three months.
When will COLA be posted on the official sources next year?
Next year COLA will be posted in mid October or late October.
How will the COLA affect the Social Security Payments?
The social security rates will be revised as per the COLA in the country.
