Social Security Cost Of Living Changes For 2024 – What Does That Mean For You?

In this episode, we’re taking a look at the new Social Security cost of living changes for 2024. Join Don and Marc as they decode the Consumer Price Index (CPI) and its impact on Social Security and retirement planning. They uncover the intricate world of CPI categories, from CPI-U to CPI-W, and how they determine Social Security cost of living adjustments.

Here are some questions we answer in this episode:

• What is the COLA in relation to Social Security benefits?
• How is the COLA calculated and what index is used?
• Why does the reported CPI increase sometimes feel inaccurate?
• What is the impact of different CPI indices on Social Security benefits?

Resources for this episode: 

https://en.wikipedia.org/wiki/Consumer_price_index

https://www.bls.gov/cpi/factsheets/common-misconceptions-about-cpi.htm

https://www.ssa.gov/oact/cola/latestCOLA.html

https://www.bls.gov/opub/hom/cpi/presentation.htm

https://www.ssa.gov/oact/cola/colaseries.html

https://www.bls.gov/news.release/cpi.t05.htm

https://www.investopedia.com/terms/c/chain-linked-cpi.asp#:~:text=Chain%2DWeighted%20CPI%20Example&text=Smith%20buys%20two%20pounds%20of,has%20risen%20to%20%246%20%2F%20lb.

https://www.ssa.gov/policy/docs/policybriefs/pb2008-03.html

 

Get in touch with Don and learn more: https://doncashpodcast.com/