Social Security recipients may get a smaller COLA increase in 2024.
will find out this week just how big their cost-of-living adjustment will be in 2024 as they continue to confront unusually high inflation.
The Senior Citizens League, a nonpartisan group focusing on issues relating to older Americans, estimated the adjustment could be 3.2%, based onThe annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September. The CPI-W posted a 3.4% increase in August.
In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on Oct. 14, 2021, in Washington, D.C.
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