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2024 Social Security Payment Increase: Relief for Retirees and Disabled Workers”[DONE]

Retirees across the United States will soon receive an increase in their Social Security payments in July 2024. The increase in payment is due to the Cost of Living Adjustment (COLA) for the year 2024. This news comes as a relief to millions of Americans who are dependent on their Social Security benefits to meet their daily expenses.

The Social Security Administration (SSA) has announced that the COLA for 2024 will be 2.5 percent. This means that the average monthly Social Security payment for retired workers will increase by $67 to $2,739. For disabled workers, the average monthly payment will increase by $60 to $1,263. These increases will help retirees and disabled workers keep up with the rising costs of essential goods and services.

The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures the price changes of a basket of goods and services that are commonly consumed by urban wage earners and clerical workers in the U.S. The COLA is calculated by comparing the CPI-W for the third quarter of the current year with the CPI-W for the third quarter of the previous year.

The SSA has been providing COLA adjustments to Social Security payments since 1975. The COLA is designed to help retirees and disabled workers keep up with the rising costs of living. The COLA adjustments are also aimed at preserving the purchasing power of Social Security payments.

However, the COLA adjustments are not always enough to keep up with the rising costs of living. Many retirees and disabled workers struggle to make ends meet despite the COLA adjustments. This is especially true for those who live in areas with high costs of living.

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