Tag: inflation

Yield sign on a road with fall foliage that says Social Security COLA increase ahead

With the release of the September CPI-W inflation number, the Social Security Administration announced that the COLA for 2024 will be 3.2 percent (see Figure 1).  The adjustment is based on the increase in the CPI-W for the third quarter of 2023 over the third quarter of 2022.  Some bemoan that this year’s COLA is…

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The formula for calculating Social Security benefits recognizes that it’s more difficult for lower-paid workers to afford retirement. Their future retirement benefits will replace a higher percentage of their earnings than, say, a corporate executive will receive. But workers in similar jobs who live in expensive coastal cities are at a disadvantage: steep housing costs…