{"id":435,"date":"2023-10-19T13:22:00","date_gmt":"2023-10-19T19:22:00","guid":{"rendered":"https:\/\/newlindisability.com\/?p=435"},"modified":"2023-10-25T08:03:46","modified_gmt":"2023-10-25T14:03:46","slug":"blog-a-closer-look-at-the-2016-social-security-cola","status":"publish","type":"post","link":"https:\/\/newlindisability.com\/blog\/closer-look-2024-social-security-cola\/","title":{"rendered":"A Closer Look at the 2024 Social Security COLA"},"content":{"rendered":"
Social Security Disability benefits are a crucial part of millions of American\u2019s incomes. Each year, benefits amounts are examined to ensure they are in line with the cost of living using what is known as a cost of living adjustment (COLA).<\/p>\n
Just a few weeks ago, the Senior Citizens League estimated the 2024 Social Security Disability cost-of-living-adjustment (COLA) to be 3.2%. This is significantly lower than what we saw in the last two years.<\/p>\n
The last two COLAs were historical increases of 8.7% in 2023 and 5.9% in 2022.<\/p>\n
Although the 3.2% estimate seems low, and it is compared to 2022 and 2023, the 2024 COLA estimate<\/a> is still higher than what we have generally seen over the last 23 years. Since the year 2000, the average COLA is 2.6%. Arguably this number is skewed due to the extraordinary increases seen in the last two years as the average for the first 20 years of this century was merely 2.1%.<\/p>\n The Social Security Disability lawyers at Newlin Disability\u00a0recently looked into whether or not the 2016 Social Security COLA will result in a benefits increase, and the results look bleak.<\/p>\n——<\/h3>\n
2016 COLA<\/h3>\n