Much lower than previous years, but COLA has fully protected retirees against ravages of inflation
The speculation seems to start earlier every year. I just got my first press call regarding the likely magnitude of Social Security’s cost-of-living adjustment for 2024.
Since the COLA first affects benefits paid after Jan. 1, Social Security needs to have figures available before the end of 2023. As a result, the adjustment for 2024 will be based on the increase in the CPI-W for the third quarter of 2023 over the third quarter of 2022. We know the 2022 number , but we need data for July, August, and September to calculate the third quarter average for 2023. All we have so far is the June number.
The range of estimates is in line with the 3.3% COLA projected by the Social Security actuaries in the 2023 Trustees Report and well below last year’s COLA of 8.7% .
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