COLA Estimate for 2024 Stays at 3% Despite New Inflation Numbers
By:
Mary Ellen Cagnassola
Mary Ellen Cagnassola
Reporter | Joined May 2024
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Editor:
Julia Glum
Julia Glum
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Olive Burd / Money; Getty Images
Recipients of Social Security could see a 3% increase to their benefits next year, according to a new estimate.
The latest prediction from advocacy group The Senior Citizens League is based on July’s consumer price index, which was released Thursday by the Bureau of Labor Statistics and showed an inflation increase for the first time in over a year.
This number matters because the official cost-of-living increase, or COLA, is calculated by the Social Security Administration every fall using inflation levels for July, August and September.
