When figuring out if the Social Security COLA is sufficient, many people commit inflation delusion.
The Social Security COLA for 2024 is probably going to be the same as previous years’ levels.
It’s critical to make this information reject the alarming narrative that is spreading through some circles that the cost of living adjustment (COLA) for the upcoming year would be significantly lower than in previous years. People who are retired or on fixed incomes are generally upset.
Undoubtedly, we won’t know the actual COLA until October 12, when the September CPI number will be announced. The COLA for 2024 is going to be equivalent to the percentage change between September’s level and the CPI’s position one year earlier, in September 2022.
Even while we can only make theories at this stage, various written articles have surfaced with alarming headlines like “The Social Security COLA for 2024 might be 2.7%, instead of 8.7%.”