Seniors Should Expect a Smaller COLA Next Year
Cooling inflation could lead to a lower Social Security cost-of-living adjustment (COLA) for next year. According to an article by USA Today, experts think the 2024 COLA could be 3.1 percent. That’s substantially lower than this year’s 8.7 percent, the highest it’s been in forty years.
A 3.1 percent COLA would amount to a little over $50 more each month. The average retiree would receive a monthly check of $1,883.64.
It’s still too soon to determine what the 2024 COLA will be. The Social Security Administration will make that official announcement in October and the COLA will take effect in January.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual COLA, increase minimum benefits, and ensure the long-term solvency of the Social Security program.
