Social Security COLA Forecast: 2024's Potential Impact.

A recent estimate suggests that the Social Security cost-of-living adjustment (COLA) for 2024 may be around 3.2%.

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This projection is significantly lower than the 2023 COLA, which was nearly 9%.

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The estimate comes from the Senior Citizens League, based on consumer-price data from August.

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If the estimate holds, the average retiree receiving $1,790 per month could expect an additional $57.30 per month.

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The official announcement of the 2024 COLA by the Social Security Administration is expected next month.

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In 2023, Social Security recipients received an 8.7% increase in benefits, the largest in over four decades.

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Despite the significant 2023 increase, many retirees are concerned about covering their expenses with their benefits.

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A survey by the Senior Citizens League found that 54% of older Americans felt that the COLA didn't keep pace with inflation,

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and the same percentage said their expenses outpaced their benefit increases in the previous year.

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