He United States Social Security announces increase measures for next year. During 2024 A benefit will be provided to millions of beneficiaries, giving them the opportunity to experience an increase in their benefits, although it is expected to not keep pace with inflation in the country.
As we well remember, USA received an increase in Social Security and Income Security benefits close to 8.7% in 2023, however, the Administration of the beneficiaries’ funds itself concluded this last Thursday that the official figure of the increase will be less than the of the last semester.
Do you want to know how much this progressive increase amounts to in percentage figures and cash? Well, here we tell you in detail.
NEW INCREASE IN UNITED STATES SOCIAL SECURITY
According to official reports, the increase in benefits to contributors will be 3.2% in total, a figure much lower than the previous year and considerably lower than the 3.7% that the United States experienced last September.
It is worth noting that the cost of living adjustment (COLA) is responsible for determining this increase in all beneficiaries, and according to its latest studies, everyone who is immersed in this insurance program would receive about 50 additional dollars each month starting in January 2024.
For its part, the American Association of Retired Persons (AARP) expects that the new amount will range between $59 and $60 per month, generating a slight increase compared to this year’s contribution.
Let us remember that Social Security is financed by payroll taxes collected by employees and employers. This maximum amount will be subject to taxes and Social Security tariff rates, which will be $168,600 for 2024, a figure higher than the $160,200 in 2023.
QUEUE: THESE ARE THE INDICATORS TO TAKE INTO ACCOUNT
It is important to indicate that this progressive increase is due to studies carried out by COLA, based on the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W). Thus, COLA 2024 analyzes the CPI between the third quarter of the previous year and September of the same year.
Finally, the Bureau of Labor Statistics of the Department of Labor determines the CPI-W, as it is the official measure used by the Social Security Administration to conclude COLAs.