The 2023 COLA for Social Security was 8.7%- 2024 might see a tighter budget

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The 66 million Social Security beneficiaries in the country received the largest pay increase until 1981 this year, thanks to an 8.7% cost-of-living adjustment designed to balance the strongest inflation in forty years. The benefit adjustment for the following year, however, appears to be considerably smaller.

As per the Senior Citizens League, an organization for elderly Americans that constantly monitors Social Security, pensioners, and other beneficiaries might only receive a cost-of-living adjustment (COLA) of 3.1% based on current inflation rates. With this year’s 8.7% rise and 2022’s 5.9% boost already having occurred, 2024’s COLA will be the weakest in the previous 3 years.

Despite a recent decline, inflation is still above 3.1%, with consumer costs climbing 4.9% annually in April.

The 3.1% prediction is dependent on the inflation index’s 12-month average rate, which the Social Security Administration analyzes to yearly modify payments.


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