💰 ​​Social Security COLA 2024: Will Your Benefits Increase?​​ (AARP ARTICLE)

[SpringIsHereSoHappy]

(MONDAY 8/14/23) I just read this AARP Article and thought I would share with other folks on Social Security.

Comments welcome!

https://www.aarp.org/retirement/social-security/info-2023/cola-estimate-2024.html

[SpringIsHereSoHappy]

1 comment (9/16/23)

Robert @RobertH514774 , I hate the thought of my Part A and B increasing NEXT year. 😥

Just started Medicare 9/1/23.

Nicole 🙃

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✏@RobertH514774 wrote:

It is not apples-to-apples math. The example below shows the error in your "here goes your 3% along with an additional 3%".

Medicare, currently: $164.90 x 6% = $9.89 increase
Average benefit: $1,800 x 3% =$54.00 increase✏

[jd14259868]

Hi Robert!  You are absolutely correct!  I do understand what you are saying, and I appreciate the formula you provided!  However, if we were to receive the full 3% increase without the 6% increase in the cost of Medicare, I would have my 3% increase and feel like it was truly an increase (be it 3% or not). Now we get a 3% increase plus an increase in the cost of Medicare, which btw, you need a supplement because Medicare is short of benefits; oh, did I mention that (*I*) pay for Medicare and my supplement?  Somewhere up above in this forum they said they do not take care of the elderly here...so true...so sad...

Good Luck Robert with your new adventure into Medicare!  thank you for your delightful insight!!

[GailL1]

The Foreseers are predicting a Medicare Part B premium increase of about $ 10+ per month.  Part B premium increase will knock down that 3% COLA a bit more if one is not protected by the Social Security “hold harmless clause”.

CNBC 07/20/2023 - Medicare Part B premiums may increase in 2024, prompted by a new Alzheimer’s treat...

Thus far this is just a guesstimate -

[JanKrut]

My rent is going up 21% at the end of next month (not Section 8, but Federal tax benefits to property owners), car insurance just went up 34% because I got older, utilities have doubled . . . but, yeah, 3% COLA sounds about right.

[jd14259868]

Yes, Jan!  3% sounds about right, but here's the kicker:  the cost of Medicare is increasing by 6% - Gee...there goes your 3% along with an additional 3%...I guess this is to hold true their promise of threatening to take away Social Security benefits if the national debt wasn't increased.  God help us all...🙏

[RobertH514774]

It is not apples-to-apples math. The example below shows the error in your "here goes your 3% along with an additional 3%".

Medicare, currently: $164.90 x 6% = $9.89 increase
Average benefit: $1,800 x 3% =$54.00 increase

[SpringIsHereSoHappy]

1 comment (8/14/23)

I am HOPING we get a "decent" increase in 2024.

Nicole 🙃

[nctarheel]

Well....HEY NICOLE....welcome back.

I am afraid your hopes will be dashed concerning a decent increase in 2024.

It will be likely 3% at best, maybe even less.

I would like to ask a question.

Since those of us on these discussion boards have access to all of the AARP articles, why do you COPY so many articles to the discussion boards? Most of the time, I have already read them.