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%.

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

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

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

The Senior Citizens League's analyst, Mary Johnson, has been tracking monthly consumer-price data, with estimates of 3% in both June and July.

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

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

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

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

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