Next Year’s Social Security COLA is Expected to Shrink

Social Security recipients got a big benefits boost this year thanks to an 8.7 percent cost-of-living adjustment (COLA). It was the biggest COLA bump in 40 years. On average, beneficiaries are receiving an extra $140 per month. But don’t expect to see that again next year, warn experts.

According to a report by CNBC, to have a COLA in 2024, inflation would need to be higher than it was last year. But inflation has been cooling, especially as the Federal Reserve tries to lower inflation by raising interest rates. All indications are that COLA could be drastically smaller or non-existent next year. Experts are predicting COLA to be under 3 percent.

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 cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.