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

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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.

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.

Join us as we unravel the complexities of adjusting Social Security benefits to keep up with inflation while ensuring the solvency of the system. We’ll also discuss the importance of education on these topics in order to make informed financial decisions.

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?

If you have any questions about what we discussed in this episode, please reach out and we’d be happy to provide answers.

 

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

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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