Social Security COLA projected to shrink significantly in 2024.
TL;DR Summary
Social Security recipients may receive a 3.1% raise next year, a significant drop from the 8.7% increase in 2023, according to projections. The actual cost-of-living adjustment for 2024 will be announced by the Social Security Administration in October. The COLA has not kept pace with inflation as experienced by older adults, with prices for goods and services purchased by typical retirees rising by 141.4% between January 2000 and February 2023, averaging about 6.2% annually, while COLAs increased benefits by 78%, averaging 3.4% annually.
- Next Year's Social Security COLA Projected to Be Less than Half of 2023 Raise Barron's
- Social Security benefits have lost 36% of buying power since 2000 CNN
- Social Security cost of living increase in 2024 to be smaller USA TODAY
- COLA increase for 2024 to shrink as inflation eases. How small could it be? msnNOW
- Social Security Recipients May See Big Drop in Cost-of-Living Increase Investopedia
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