Cost-of-living adjustments for social security are expected to increase. October inflation report will help finalize the exact amount.
Unfortunately, some economists predict inflation won't be where it usually is until 2024.It may sound dry, but if you are an older American on social security, you are well aware of cost-of-living adjustments.Cost-of-living adjustments are based on the consumer price index, which measures inflation and has been at 40-year highs for most of the year.That's according to the Senior Citizens League.Right now, it's just an estimate of the increase.That report is expected on Oct. 13.
Of course, many older Americans yearly have cost-of-living adjustments wiped out by Medicare increases.President Joe Biden announced last week that Medicare Part B premiums would go down next year for the first time in over a decade.
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