Social Security COLA Estimate For 2024 Is 3.2 Percent

Social Security COLA Estimate For 2024 Is 3.2 Percent

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.