The next cost-of-living adjustment (COLA) increase for Social Security recipients might be better than what was previously predicted, according to a nonpartisan seniors group.
The Senior Citizen’s League advocacy group said that the COLA increase for 2024 might be around 3 percent, which is far lower than 2023’s 8.7 percent increase, according to a press release issued this week. Last October, the Social Security Administration, the agency overseeing the payments, announced the adjustment for payments going out starting in January of this year.
Because new consumer price data released by the federal government suggests that consumer inflation in “continues to slow,” the league estimates that the increase could raise from 2.7 percent to 3 percent when the Social Security Administration announces the COLA adjustment….