The forecast for next year’s Social Security cost of living adjustment rose to 3.2 percent from three percent after the government said inflation ticked up in August.
A COLA of 3.2 percent would raise an average monthly retiree benefit of $1,790 by $57.30, according to The Senior Citizens League, an advocacy organization that tracks and forecasts COLA adjustments.
While a 3.2 percent COLA is significantly lower than the 8.7 percent received in 2023, the highest COLA in more than four decades, it’s higher than the average over the past 20 years — which was 2.6 percent. The Social Security Administration is expected to announce the COLA for 2024 in mid-October. To learn more, visit SeniorsLeague.org.