Social security COLA for 2024 announced

[Beancounter]

Social Security Benefits Increase in 2024 | SSA

BLOG.SSA.GOV

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More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. On average...

I thought Forum members might be interested in the 2024 cost of living adjustment for Social Security.  Every little bit helps.  

[samhexum]

14 minutes ago, Beancounter said:

I thought Forum members might be interested in the 2024 cost of living adjustment for Social Security.  Every little bit helps.  

Accent on 'little'.    I think I'll use my extra $43/mo to retire to the south of France.

Edited October 12, 2023 by samhexum
just for the hell of it

[Beancounter]

Gotta be tough living on $1,343.75 per month in the south of France.  

[+ GoingGood]

I am glad to see the increase as I will start collecting SS in one year when I turn 66 and 1/2 .  Best wishes to all.  

[EZEtoGRU]

A 3.2% increase sounds roughly about right. Pretty much aligned with current inflation. Much less of an increase compared to this years increase…but inflation has dropped dramatically in the last 12 months. 

[Jim_n_NYC]

Since 2000, there have only been 7 increases greater than 3.2%...so it's not that out of the norm.

[marylander1940]

On 10/13/2023 at 6:33 AM, The Big Guy said:

I am glad to see the increase as I will start collecting SS in one year when I turn 66 and 1/2 .  Best wishes to all.  

More people should wait like you and collect at 66 1/2, 67, 68, etc.

 

Edited November 29, 2023 by marylander1940

[GlenDale]

On 10/13/2023 at 4:33 AM, The Big Guy said:

I am glad to see the increase as I will start collecting SS in one year when I turn 66 and 1/2 .  Best wishes to all.  

Same for me; next year but at 66 2/3

[+ augustus]

On 11/29/2023 at 11:13 AM, marylander1940 said:

More people should wait like you and collect at 66 1/2, 67, 68, etc.

Millions of people die between 62 and 68.  I'm going for it at 62.

[SouthOfTheBorder]

On 10/12/2023 at 10:11 PM, Beancounter said:

Gotta be tough living on $1,343.75 per month in the south of France.

you’d be surprised at how inexpensive southern Europe is compared to major American cities.
 So, it’s all about your own individual point of reference.  

compared to NYC - anywhere is S Europe is about 30%- 40% of the cost.  And it’s way better in almost every way. Food, weather, people - you name it. 
 

Edited December 12, 2023 by SouthOfTheBorder

[Bargara Leatherboy]

thanks for sharing - my husband gets a US Social Security payment - and we always get our notifications about 3 months after it is mailed - as it comes via sea mail down to Australia 

 

[marylander1940]

1 hour ago, SouthOfTheBorder said:

you’d be surprised at how inexpensive southern Europe is compared to major American cities.
 So, it’s all about your own individual point of reference.  

compared to NYC - anywhere is S Europe is about 30%- 40% of the cost.  And it’s way better in almost every way. Food, weather, people - you name it. 
 

yes, everything is better as long as you make your money here and take it there for retirement. It's difficult to get a well-paying job and you have to wait to see a doctor. 

Edited December 12, 2023 by marylander1940

[marylander1940]

3 hours ago, augustus said:

Millions of people die between 62 and 68.  I'm going for it at 62.

I guess you don't want to raise the age for retirement. I'm surprised! 

[SouthOfTheBorder]

1 hour ago, marylander1940 said:

It's difficult to get a well-paying job and you have to wait to see a doctor. 

not really - entrepreneurs will flourish no matter where they are.  
I’ve used European health care - it’s just fine & haven’t experience any waits. It was actually easier to see a doctor than the US.  and prescriptions are a fraction of the price.  the people live longer & healthier too because there aren’t all the additives & preservatives in the food. 

you’ve bought way too much of the propaganda and evidently haven’t experienced any of these things yourself.  

 

[+ Vegas_Millennial]

On 10/13/2023 at 4:33 AM, The Big Guy said:

I am glad to see the increase as I will start collecting SS in one year when I turn 66 and 1/2 .  Best wishes to all.  

I'll start collecting SS in a few decades... So I'm expecting about a 25% cut. 😉

[SouthOfTheBorder]

30 minutes ago, marylander1940 said:

You forgot about portions being smaller in Europe

well - you got one thing right.  
yes, smaller portions & noticeably fewer fat people in Europe. which means significantly less health issues related to obesity & another reason Europeans live longer.

Social Security doesn’t mean much when the life-expectancy continues to plunge. Covid, fentanyl, suicides, etc - the reasons don’t really matter because it’s not happening in other rich developed countries.  

https://www.forbes.com/sites/omerawan/2023/01/25/has-the-obesity-epidemic-gotten-out-of-hand-in-america/

Edited December 13, 2023 by SouthOfTheBorder

[pubic_assistance]

On 10/13/2023 at 11:17 AM, EZEtoGRU said:

A 3.2% increase sounds roughly about right. Pretty much aligned with current inflation. Much less of an increase compared to this years increase…but inflation has dropped dramatically in the last 12 months. 

Consumer prices changed more than 25%  between 2020 and 2023 so although the current rate of inflation may align, with this years increase your buying power is down significantly  since 2019. 

[+ augustus]

11 hours ago, marylander1940 said:

I guess you don't want to raise the age for retirement. I'm surprised! 

It's irrelevant whether I want to raise the retirement age.  You lose about 25% by claiming at the earliest possible time but get to collect money for 4 or 5 or 6 years that you wouldn't otherwise get.  That won't change if the retirement age is raised, or shouldn't.  

[+ augustus]

On 10/13/2023 at 11:17 AM, EZEtoGRU said:

A 3.2% increase sounds roughly about right. Pretty much aligned with current inflation. Much less of an increase compared to this years increase…but inflation has dropped dramatically in the last 12 months. 

No, a 3.2% increase does NOT align with current inflation for retirees, who spend a greater portion of their income on food and healthcare. 

[marylander1940]

5 hours ago, augustus said:

It's irrelevant whether I want to raise the retirement age.  You lose about 25% by claiming at the earliest possible time but get to collect money for 4 or 5 or 6 years that you wouldn't otherwise get.  That won't change if the retirement age is raised, or shouldn't.  

You do your own math and if that's convenient for you go ahead and do it. 

I do think most folks should work past 65 even though for the first time in decades the life expectancy is lower than it was before. 

[+ Vegas_Millennial]

3 hours ago, marylander1940 said:

I do think most folks should work past 65 even though for the first time in decades the life expectancy is lower than it was before. 

Most men do plan on working past 65, but circumstances change and they end up retiring before 65.  If someone leaves a job due to layoff, stress, health issue, or family emergency, they are less likely to switch to a new job when they're already in their 60s.

[+ Vegas_Millennial]

And women are finally reaching the equality they deserve.  They are working for pay for longer and longer.  I suppose this will help social security funding going forward, since spousal benefits for women will be increasingly tied to their own lifetime contributions instead of to their spouse's.

 

[pubic_assistance]

3 hours ago, marylander1940 said:

I do think most folks should work past 65 even though for the first time in decades the life expectancy is lower than it was before. 

I'm planning to work but certainly not working 40 hours a week past 65 !!

 

[marylander1940]

2 minutes ago, pubic_assistance said:

I'm planning to work but certainly not working 40 hours a week past 65 !!

 

Sir, your life, your math, your choices! 

 

[+ Vegas_Millennial]

26 minutes ago, pubic_assistance said:

I'm planning to work but certainly not working 40 hours a week past 65 !!

 

Same, but age 45 for me.  Going to transition to part-time seasonal employment after first traveling the world for a year at age 45.  My financial plan assumes $0 social security.