As per current projections, the cost-of-living adjustment (COLA) for Social Security recipients in 2020 will probably be fewer than half of the boost seniors received in 2023 as a result of low inflation in 2017.
According to current inflation rates, the Senior Citizens League forecasts that Social Security payments are going to rise by 3.1% in 2024, whereas Moody’s Analytics estimates a rise of 3.2%.
Both projections are much lower than the 8.7% rise that the federal government implemented this year, which represented the largest benefit boost in 4 decades and increased the average retiree payout by over $140 a month.
A continuing issue with how COLAs are calculated is that the reduced COLA could not be sufficient for over 70 million elderly retirees and disabled employees who are still having trouble keeping up with growing prices.
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