Inflation is the hidden tax on top of all the other taxes that we already pay

as the Federal Reserve pumps more currency into the system. The result is that the government can fund more of its wars

and more of its social programs using deficit spending while the actual value of the

individual dollar falls to the floor and everything at the supermarket becomes

more and more expensive.

That's all on the negative side.

However, on the positive side, if you can even think of it that way, people who receive Social Security will soon be seeing

larger checks thanks to an inflation adjustment.

Specifically, the Social Security Administration just came out and they announced that a new cost of living

adjustment will be made to the 2024 Social Security payments that are set to

be released. For your reference, the cost of living adjustment is calculated by using the year over year inflation rate averaging out the year over year differences between the months of July, August, and September.

And so, back in the year 2021, Social Security recipients got a 1.3% bump in payments.

In 2022, the increase was 5.9%. In 2023, the increase was a significantly higher 8.9% adjustment.

And for this upcoming year in 2024,

the Social Security Administration announced that benefits will be increasing by 3.2%.

Meaning that starting on January 1st of next year of 2024

recipients of Social Security will have their checks increased by a cool 3.2

percent. Now in terms of the dollar amount, the retirement benefits will increase by about $50 a month

on average once the cost of living adjustment

goes into effect in January.

$50 more on average per month

translates to about $600 more per year again on average.

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