{"id":8901,"date":"2023-08-06T04:34:58","date_gmt":"2023-08-06T04:34:58","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/why-the-social-security-cola-wont-be-a-windfall-going-forward-if-inflation-continues-to-ease\/"},"modified":"2023-08-06T04:34:59","modified_gmt":"2023-08-06T04:34:59","slug":"why-the-social-security-cola-wont-be-a-windfall-going-forward-if-inflation-continues-to-ease","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8901","title":{"rendered":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease"},"content":{"rendered":"
\n

Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs).<\/p>\n

While Social Security inflation adjustments don\u2019t cover every increased living expense, it\u2019s a modest buffer. But with the cost of living abating, the COLA will follow.<\/p>\n

According to a recent Senior Citizen\u2019s League (TSCL) study, the COLA for 2024 is likely to be around 3%. Of course, this estimate could change based on upcoming inflation trends, but the COLA always looks backward at past trends.<\/p>\n

It\u2019s also important to keep an eye on Medicare Part B premiums, which are tied to Social Security payments. They could rise \u2014 or fall \u2014 based on inflation trends.<\/p>\n

\u201cA COLA of 3% would raise an average monthly benefit of $1,787.00 by a little more than $53.60,\u201d the TSCL estimates for next year. \u201cBut Social Security recipients won\u2019t learn the bottom line until the Medicare Part B premiums are announced. Part B premiums are automatically deducted from most beneficiaries\u2019 Social Security benefit. In many years, the Part B premium increase can take most, or even all, the COLA leaving little else to cover other rising prices.\u201d<\/p>\n

The final word on the 2024 COLA has yet to be written, though. At this writing, there are still three more months of data before the 2024 COLA is announced in October; this estimate could change.<\/p>\n

<\/fbs-ad><\/p>\n

The Social Security Administration will then do some math as the year winds down. The COLA is calculated \u201cbased on inflation in the third quarter \u2014 July, August, and September \u2014 as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).\u201d<\/p>\n

Inflation for those three months is added together and averaged, then compared with the third quarter average from one year ago. The percentage difference between the two is the amount of the COLA, which would be payable for the check received in January 2024. The 2023 COLA computation can be found on the Social Security website.<\/p>\n

Unless there\u2019s another shock to the U.S. economy that would drive inflation north, don\u2019t expect past COLAs to prevail. You probably won\u2019t see an 8.7% COLA that was posted in late 2022.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social Security inflation adjustments don\u2019t cover every increased living expense, it\u2019s a modest buffer. But with the cost of living abating, the COLA will follow. According to a recent Senior Citizen\u2019s League (TSCL) study,<\/p>\n","protected":false},"author":1,"featured_media":8902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":{"0":"post-8901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance"},"yoast_head":"\nWhy The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=8901\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=8901\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T04:34:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-06T04:34:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/1691296498_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"989\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=8901#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=8901\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease\",\"datePublished\":\"2023-08-06T04:34:58+00:00\",\"dateModified\":\"2023-08-06T04:34:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=8901\"},\"wordCount\":378,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=8901#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=8901\",\"url\":\"https:\/\/isafespend.com\/?p=8901\",\"name\":\"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-06T04:34:58+00:00\",\"dateModified\":\"2023-08-06T04:34:59+00:00\",\"description\":\"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=8901#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=8901\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=8901#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend","description":"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=8901","og_locale":"en_US","og_type":"article","og_title":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend","og_description":"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social","og_url":"https:\/\/isafespend.com\/?p=8901","og_site_name":"iSafeSpend","article_published_time":"2023-08-06T04:34:58+00:00","article_modified_time":"2023-08-06T04:34:59+00:00","og_image":[{"width":1200,"height":989,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/1691296498_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=8901#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=8901"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease","datePublished":"2023-08-06T04:34:58+00:00","dateModified":"2023-08-06T04:34:59+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=8901"},"wordCount":378,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"articleSection":["Personal Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=8901#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=8901","url":"https:\/\/isafespend.com\/?p=8901","name":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-06T04:34:58+00:00","dateModified":"2023-08-06T04:34:59+00:00","description":"Relatively high inflation in the past year has been somewhat kind to those depending on Social Security cost-of-living adjustments (COLAs). While Social","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=8901#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=8901"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=8901#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Why The Social Security COLA Won\u2019t Be A Windfall Going Forward \u2014 If Inflation Continues To Ease"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8901"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8901\/revisions"}],"predecessor-version":[{"id":8903,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8901\/revisions\/8903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/8902"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}