Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: Jul 14, 2023 6 min read
Man in a grocery store in the produce section
Getty Images

Expectations for next year’s Social Security cost-of-living-adjustment have changed once again as inflation continues to cool, this time inching a little higher to 3% based on the June data released Wednesday.

While that’s a better outlook for beneficiaries than last month’s estimate of 2.7% from advocacy group The Senior Citizens League, there is still plenty of time for the numbers to change — for better or for worse. The official 2024 COLA won't be announced until October, when third-quarter inflation levels are calculated.

And with new costs associated with Medicare anticipated, some Social Security beneficiaries could be at risk of not seeing any growth in their 2024 benefits.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Long-Term Care Insurance allows you to know that you and your loved ones are financially protected as you age.
Regular health insurance, disability insurance, and Medicare are not designed to cover long-term care costs. Get Long-Term Care Insurance today - select your state to get a free quote.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
View Rates

How the COLA is calculated