Social Security COLA projected to decrease in 2024
TL;DR Summary
Social Security beneficiaries are likely to see a smaller cost-of-living adjustment (COLA) in 2024, estimated at 3.1% by advocacy group The Senior Citizens League. This is significantly lower than the record 8.7% increase in 2023, but still higher than the 1.3% increase in 2020. The COLA is determined by the Consumer Price Index, and while inflation is moderating, prices for goods and services remain high. The TSCL reports that retirees have lost 36% of their buying power since 2000, and would need an extra $516.70 per month to maintain the same level of buying power.
- Social Security increase 2024: How much will my check be? COLA likely much smaller than 2023 AL.com
- Social Security cost of living increase in 2024 to be smaller USA TODAY
- Social Security benefits have lost 36% of buying power since 2000 KSL.com
- Social Security cost-of-living adjustment could be 3.1% for 2024, according to early estimate CNBC
- Next Year's Social Security COLA Projected to Be Less than Half of 2023 Raise Barron's
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