Social Security Benefits Are Expected to Jump 3.2% in 2024. Is That Enough?
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People receiving Social Security benefits are projected to get another historically high raise next year as inflation remains elevated.
Using the latest inflation reading released by the Labor Department Wednesday, The Senior Citizens League (TSCL) has estimated that the annual raise for Social Security beneficiaries — known as the cost-of-living adjustment, or COLA — will be 3.2% for 2024.
“It’s higher than the average over the past 20 years — which was 2.6%,” Mary Johnson, TSCL’s Social Security policy expert, wrote in a news release.
Still, she noted that this projected COLA is “significantly lower” than the 8.7% increase beneficiaries received this year. The 2023 COLA was the highest in more than 40 years due to a bout of skyrocketing inflation that stretched the budgets of everyday Americans and especially retirees who often live on fixed incomes.
But inflation has since moderated: For the year ending in August, the inflation rate was 3.7%.
