Alexandria, VA

Social Security & Part B Increase: 2024 Estimate


This is the time of year when Social Security recipients await news from the federal government regarding their annual raise. With the higher prices we have all been experiencing, it is much-anticipated news.

Here is how it works. By law, the government determines the Cost of Living Allowance (COLA) by comparing this year's third-quarter (July through September) CPI-W (consumer price index-wage earners) with the same time last year. The difference is the increase.

The estimate is in

According to an article by The Senior Citizen League (TSCL), this year's(COLA) increase is projected to be very close to 3.2%. While the exact number may vary slightly, it should be very close.

The average Social Security payment last year was $1790. With the projected increase, it would go up by $57, bringing the average to $1847. This figure does not represent the deduction for Medicare deduction.

TSCL estimates that Medicare Part B premiums will increase by $14.90, going from $164.90 to $179.80.

When considering the higher Medicaid costs, the net increase for the average Social Security benefit will be approximately $42 year-over-year.

Assuming these numbers are accurate the net payment to the average SSI recipient will be $1832.

The Senior Citizens League

TSCL is one of the largest non-partisan advocacy groups for seniors in America.

Their mission statement reads as follows:

Our mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. TSCL consists of vocally active senior citizens concerned about the protection of their Social Security, Medicare, and veteran or military retiree benefits.

TSCL is located in Alexandria, Virginia.

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