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Published: Jul 14, 2023 6 min read
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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.

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How the COLA is calculated