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SOCIAL SECURITY RESOURCE CENTER

Social Security COLA Set at 3.2% for 2024

The Social Security Administration released its 2024 COLA rate.

Social Security recipients will get a 3.2 percent increase in their monthly payments next year, the Social Security Administration (SSA) announced Oct. 12.

The 2024 cost-of-living adjustment (COLA) marks a big drop from this year’s increase of 8.7 percent, reflecting a considerable cooldown of inflation over the past 12 months.

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Starting in January, the average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907, according to the SSA. The average disability benefit will increase from $1,489 to $1,537.

“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices,” AARP Chief Executive Officer Jo Ann Jenkins said in a statement following the announcement. “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”

The COLA will be applied to veterans’ benefits and retirement pay as well as Social Security payments.

The SSA bases the COLA on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter from one year to the next. The CPI-W is a subset of the main consumer price index, which provides the headline number in reporting on inflation.

The 2024 adjustment represents the difference between the average CPI-W index for July, August, and September of 2022 and the average for those months in 2023. Shortly before the COLA reveal, the U.S. Bureau of Labor Statistics announced that the CPI-W rose at a 3.6 percent rate in September, following increases of 2.6 percent and 3.4 percent in July and August, respectively.

Social Security benefits have been annually adjusted for inflation since 1975. The previous two COLAs — 5.9 percent in 2022 and 8.7 percent in 2023 — were the largest since the early 1980s and increased the average monthly retirement benefit by $92 and $146, respectively, in those years.

Inflation, Medicare impact

While sharply lower than in the last two years, the 2024 adjustment could still buttress retirees’ buying power if inflation rises at a slower clip than the COLA. The Federal Reserve’s Survey of Professional Forecasters projects that the main Consumer Price Index will decline gradually from the current 3.6 percent to 2.7 percent by mid-2024.

“A lower COLA just means that Social Security beneficiaries have faced less inflation since their last COLA, which is good for household finances,” said Emerson Sprick, senior economic analyst at the Bipartisan Policy Center.

However, those gains will be offset in part by an increase in monthly premiums for Medicare Part B, the portion of Medicare that covers outpatient services such as doctor visits. For most Medicare enrollees, Part B premiums are deducted directly from their Social Security payments, so the rate hike will eat into the COLA.

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7 steps to pay off debt and save for retirement

Do you want to save for the long term while paying down your bills? With a little planning and prioritizing, you can do both.

No matter how much you make or what stage of life you’re in, you’re going to have to prioritize spending and saving. When it comes to big financial goals, such as paying down debt or saving for retirement, it’s not always clear what to focus on first.

If you do have extra funds, how do you prioritize? The good news: It doesn’t have to be an either-or question. It’s all about finding a balance that’s right for you. Here’s how.

1. Review your budget to boost savings and trim debt.

Whenever you set up a budget, include line items for every expense and savings goal, including paying off debt and adding to retirement funds. Even if your contributions each month are minimal, you’re establishing good habits

✅️Tip: Use a household budget worksheet (PDF) to help analyze where you spend and can save over the course of a month or two.

Review recent bills, plus bank and credit card statements to establish a baseline. Then, adjust based on spending and saving goals. Think about how you’re really spending your time says Stanley Poorman, a financial professional with Principal®, and you may come up with extra funds. If you’re paying for several streaming services but only use one or two regularly, you may consider canceling the others.

2. Avoid unexpected debt by saving in an emergency fund.

If it would be difficult for you to cover unexpected expenses such as car repairs that require an immediate outlay of funds, make it a goal to build an emergency savings fund. Take it step by step—focus on saving just one month of income as a starting point. Add to it as you’re able.

Having an emergency fund can also help avoid or minimize what Heather Winston, a financial professional and director of individual solutions at Principal, calls “bad” debt. “'Typically, ‘bad' debts are credit cards or things like payday loans,” she says. “They charge higher interest rates, and that can prevent you from getting ahead.”

“Emergency funds can be used for unexpected expenses rather than putting them on a credit card. While debt has a place, using it wisely may serve you better long term."

3. Save for retirement to get the minimum match from your employer.

Free money sounds like a great way to save, doesn’t it? If you work for a company that offers a matching contribution on a 401(k) or 403(b) retirement plan, that’s essentially what you’re getting.

If you save 5%, for example, and your employer matches it, you’ve instantly doubled your savings. That means $100 saved doubles to $200 saved without any extra budget maneuvering from you.

Work toward increasing the percentage you’re putting in that retirement fund until you at least reach the maximum matching contribution from your employer.

✅️Tip: Learn how to build a retirement plan in five steps.

4. Set some debt-reduction goals that help you.

How much debt you have influences all sorts of decisions you make. For example, if you’re hoping to buy your first home or upgrade to a larger home, “carrying too much debt relative to your income may hinder the loan rate you can get,” Poorman says. “Prioritizing debt repayment may help in achieving this goal.”

However, that doesn’t mean you should put retirement savings on hold until you eliminate all debt. “Most of us have competing timeframes and goals, so it’s unrealistic to think that you can stop saving for retirement just to make your debt go away faster,” Poorman says. “The key is to understand how long it will take to get to that manageable debt ratio and adjust your other priorities accordingly.”

“Most of us have competing timeframes and goals, so it’s unrealistic to think you can stop saving for retirement just to make your debt go away faster.”

Stanley Poorman, financial professional

✅️Tip: Learn how to manage your debt in three steps.

5. Tackle ‘expensive debt’ first.

Just as there is bad debt, there may also be “good” debt. “If all you have are ‘good’ debts like car and mortgage payments, then you may be in good shape to build on your retirement savings,” Poorman says.

If not, make a list of all your debt obligations and their associated interest rates. Debt with a higher interest rate— say the typical credit card—should be a priority. “The interest you pay may be higher than the return you’d earn on saving those same dollars,” he says.

Pay more than the monthly minimum if you can. Once you pay off the highest interest rate debt, move to the next loan on your list. When you’re all done? Consider putting that same amount that you allocated to debt repayment toward retirement savings.

6. Accelerate your long-term savings.

You don’t have to be debt free to save more for retirement, though. It depends on your individual priorities and goals. “It’s about finding the right balance between paying down debt versus saving,” Poorman says.

It can be overwhelming to compare how much you need to save for retirement to how much you’re able to save. Instead, consider small steps that will eventually get you to your goals.

✅️Tip: Use the Principal®Retirement Wellness Planner to see if you’re on track with your retirement goals.

“For example, you can increase your retirement savings each year until you’re contributing at a level that gets you to your goal,” Poorman says. That small increase each year is unlikely to make a large dent in your monthly budget, but it will make a long-term positive impact on a more secure retirement.

7. Talk to a financial professional.

To plan for your future, it’s helpful to know where you stand financially. If you’re overwhelmed, ask for help. A financial professional will talk you through your options. Don’t have one? Check with your HR department or employer to see if your company’s retirement savings plan offers this service. Or, we can help you find one.

✅️Next steps

Is debt affecting your ability to save for future goals, like retirement? Log in to your principal account to see how you’re doing. Don’t have an employer-sponsored retirement account or want to save even more in addition to a 401(k)? We can help you set up your own IRA or Roth IRA. Ready to continue building your financial foundation? Our learning library has information on everything from building a budget to buying a home.

DEBT 

RETIREMENT PLANNING

1 Plan vesting may apply to matching contributions.

The Retirement Wellness Planner information and Retirement Wellness Score are limited only to the inputs and other financial assumptions and is not intended to be a financial plan or investment advice from any company of the Principal Financial Group® or plan sponsor. This calculator only provides education, which may be helpful in making personal financial decisions. Responsibility for those decisions is assumed by the participant, not the plan sponsor and not by any member of Principal®. Individual results will vary. Participants should regularly review their savings progress and post-retirement needs.

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment, or tax advice. You should consult with appropriate counsel, financial professionals, and other advisors on all matters pertaining to legal, tax, investment, or accounting obligations and requirements.

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Our bodies put in a lot of work when it comes to processing the food we eat to provide us with a consistent source of energy. 

When we eat food, it is broken down into macro and micronutrients via digestive enzymes.

These are the most popular schedules:

The 16/8 method: Also called the Leangains protocol, it involves skipping breakfast and restricting your daily eating period to 8 hours, such as 1–9 p.m. Then you fast for 16 hours in between.

Eat-Stop-Eat: This involves fasting for 24 hours, once or twice a week, for example, by not eating from dinner one day until dinner the next day.

The 5:2 diet: With this method, you consume only 500–600 calories on two nonconsecutive days of the week, but eat normally the other 5 days.

By reducing your calorie intake, all of these methods should cause weight loss as long as you don’t compensate by eating much more during the eating periods.

Many people find the 16/8 method to be the simplest, most sustainable, and easiest to stick to. It’s also the most popular. Better sleep: Healthy sleep strengthens the immune system and makes it easier to maintain a healthy diet. Getting good quality sleep can help you feel like your best self. Healthy sleep patterns improve learning, memory, creativity, and mood. 

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Better sleep: Healthy sleep strengthens the immune system and makes it easier to maintain a healthy diet. Getting good quality sleep can help you feel like your best self. Healthy sleep patterns improve learning, memory, creativity, and mood. 

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