Social Security Raise for 2024 Expected to Shrink Further.

The projected cost-of-living adjustment (COLA) for Social Security recipients in 2024 has decreased to 2.7% due to a slowdown in inflation, according to the Senior Citizens League. The actual COLA will be announced in October. Despite the high COLA of 8.7% for this year, older adults are still feeling the squeeze of high prices, with food costs being the fastest-growing expense. The average Social Security benefit has failed to keep pace with severe inflation in 2021 and 2022, leaving many retirees doubting they will recover.