COLA has been attempting to assist Americans during these challenging times of inflation throughout 2022. The cost of every commodity and service has gone up, but the US government has made an extra effort to assist those in need through social programs. Benefits received a COLA application of 5.9% last year, although it fell short of hopes to counteract inflation. In other words, Social Security recipients will have less purchasing power in 2022. However, there is an option for the system to create a course correction. Survivor Benefits, which assist family members in the event of your passing, are one of the primary features of COLA.
Social Security Survivor Benefits; Source- MARCA
COLA Increase In 2024
To determine how payments, including Social Security payouts, should increase to keep up with inflation, the United States uses a financial mechanism called COLA. The 2023 COLA rise was 8.7% in the same period last year, which was the greatest year-over-year gain in 40 years. However, the 2024 COLA rise is anticipated to be much smaller, possibly just under fifty percent of last year’s. The Senior Citizens League has predicted that the 2024 COLA rise will be about 3.0 percent, which is significantly less than the increase from the previous year. Thus, the rise in Social Security income over 2022–2023 will be much smaller.
Eligibility For Survivor Benefits
People who receive Social Security COLA benefits may be eligible for Survivor Benefits to include their families. These family members may be qualified for a monthly allowance through this program if they die suddenly for whatever reason. One small aspect needs to be mentioned: the deceased individual had to have been employed long enough and contributed enough to Social Security. As an illustration, a widower with an age older than 60 received a monthly survivor benefit average of $1,705. That was with a COLA adjustment of 5.9%, but the increase now stands at 8.7%. Accordingly, benefits will rise by at least $140 in 2023. The average monthly benefit estimated for an elderly widower in 2023 is $1,845. Living spouses, children who haven’t married, and parents all meet the criteria.
Widowers Are Eligible For Survivor Benefits
The surviving spouse may be eligible for Survivor Benefits even after the deceased’s divorce.COLA has an impact on a wide range of Americans, including retired workers, disabled workers, and survivors. The lesser 2024 COLA rise is terrible news for widows and widowers since it implies that benefits will grow by a much lower percentage than they received last year. Even while that is a rise, it is significantly less than the increase that many claimants saw at the very start of 2023. However, there is some positive news regarding the reduced COLA hike in 2024. Because inflation is currently largely under control, the purchasing power should remain stable. A modest rise in benefits may help some people avoid paying higher Medicare premiums as they won’t cross a higher barrier.
