AMAC Foundation Newsletter – September
Your May 2023 AMAC Foundation Newsletter
_September 2023_
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What is the Cost-of-Living Increase for 2024?
 
 
Calls have already started coming in asking what the cost-of-living
increase (COLA) is going to be for 2024. When do I get the increase?
There are news articles already making announcements of the current
CPI, which is the CPI-U. This is the Consumer Price Index for All
Urban Consumers, (U.S. city average). The CPI-U is used in federal
legislation, such as the indexation of federal income tax brackets.
Whereas the COLA increase for Social Security is based on the CPI-W.
Consumer Price Index for Urban Wage Earners and Clerical Workers.
The CPI-U is currently 3.2%, whereas the CPI-W at this point is 2.6%.
This is based on comparing July 2022 to July 2023. The COLA is based
on the average growth of inflation between July, August, and September
of the prior year. This means the current CPI-W of 2.6% can go up or
down when the average of those three months is determined. The COLA is
announced around the middle of October and will be applied to your
December 2023 Social Security payment that you will receive in January
2024. (There is not always a cost-of-living increase as was the case
in 2010, 2011 and 2016.)
Due to the declining inflation rate most economists are predicting a
2024 COLA increase between 2.7% and 3%. Whatever the COLA increase
ends up being, you also need to take the cost of Medicare Part B into
consideration. The Medicare Trustees forecast Medicare Part B will
increase in 2024, but by how much has not yet been determined.
The COLA increase will be announced around October 13th, 2023, and
the cost of Medicare Part B toward the middle of November 2023.
Therefore, it will be a couple more months before the actual COLA
increase will be known, than almost another month to find out how much
the cost of Medicare Part B will increase. You will receive the full
COLA, but it will be reduced by any increase to Medicare Part B.
AMAC Foundation Social Security Advisory Service
Contact us via email: [email protected]
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or call: (888)750-2622
 
 
_"The price of anything is the amount of life you exchange for
it."_
-Henry David Thoreau
 
Honorable Mentions
 
 
Aligning with one of Foundation Veteran Outreach Program’s
objectives of continued patriotic service, we like to recognize our
Veterans and men and women who take an oath to support and defend the
Constitution of the United States of America. It is also exciting to
recognize them when they continue to do great things!
Lt. Col S. S. Jordan, Retired
We thank you for your service and dedication to our country.
Leasha West
Congratulations on being the first enlisted female Marine to earn a
graduate degree from Notre Dame, the 181-year-old institution. Leasha
completed an EMBA after her service as a Senior Instructor at Marine
Combat Training. She made Sergeant in 2 years and comes from a lineage
of military veterans.
To read more about Leasha, click here.
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If you have a story you would like to share, please send it to us
through our Veteran Voices.
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AMAC Foundation
312 Teague Trail
Lady Lake Florida 32159
United States
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