The cost of living in 2024 is expected to increase by 3.2% for Social Security and Supplemental Security Income beneficiaries, according to the Social Security Administration1 This means that the average monthly benefit for retired workers will rise from $1,657 in 2023 to $1,711 in 2024
The cost of living adjustment (COLA) is based on the change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year. The CPI-W measures the average change in the prices of goods and services purchased by urban workers
The cost of living can also vary depending on the location, lifestyle, and needs of each individual. Some of the factors that affect the cost of living are housing, food, transportation, health care, taxes, and entertainment
If you want to compare the cost of living between different cities or regions, you can use online calculators that take into account various expenses and income sources. For example, you can use the calculator from NerdWallet 4 or the one from Bankrate to see how much you would need to earn or save to maintain your standard of living in a different place.
No comments:
Post a Comment