Seniors receiving Social Security saw an 8.7% increase in their monthly income at the beginning of 2023. That cost-of-living adjustment, or COLA, was the biggest one to occur in years.
However, the COLA for 2024 appears to be significantly lower. Additionally, the nonpartisan Senior Citizens League predicts that the COLA for the upcoming year will be 3.2% according to recent inflation figures. A rise of that magnitude would add $57 to the average monthly payout of $1,790.
The difference between it and 8.7% is obvious. And that might be a figure that many seniors find unsatisfactory. However, even though a 3.2% COLA could appear to be a terrible thing, it is not.