--- title: Social Security Recipients Shouldn't Count on Another Huge Raise Next Year description: Social Security benefits increased starkly between 2022 and 2023 as inflation surged. But recipients shouldn't get used to a big COLA. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 501 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-03-17T18:56:20.000Z' modified: '2024-01-10T13:17:02.000Z' section: Retirement tags: - News - Social Security word_count: 529 canonical: https://money.com/social-security-cola-next-year-2024/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Collage of seniors looking at bills and being concerned](https://img.money.com/2023/03/News-Social-Security-low-Increase.jpg) At the start of the year, tens of millions of Social Security beneficiaries received an [8.7% boost to their monthly checks](https://money.com/social-security-checks-cola-increase-2023/): the biggest raise in decades as a result of sky-high inflation. But this fall, when those government benefits are recalculated again — an annual process known as the cost-of-living adjustment (or COLA) — their raise won’t be nearly as high, according to an early projection from the nonprofit [The Senior Citizens League](https://seniorsleague.org/). Although there's still a long way to go, Social Security beneficiaries may want to prepare for a COLA much smaller than the current 8.7% rate. - “I am telling retirees to not get used to this COLA,” Matt Sotir, an advisor with the financial services firm Equitable, [previously told Money](https://money.com/social-security-checks-cola-increase-2023/). “It is extremely rare and likely will not be repeated as inflation should abate over the next few years.” Johnson notes that these are very early projections. She won’t release her official COLA estimates until May after more 2023 inflation data is released. But it’s likely that future COLA estimates will be lower than 3% if inflation continues to ease in the coming months, as it is expected to, given the Federal Reserve's aggressive rate hikes aimed at curbing price growth. “I will be happy if there is a modest COLA," Johnson writes, "and then we end the year with inflation finally going negative.” [In Retirement, Social Security Will Likely Pay Out More Than You Think: Study](https://money.com/social-security-pay-more-than-expected/) [Why Millionaires Don't Have to Pay Any More Social Security Taxes This Year](https://money.com/millionaires-social-security-taxes-income-cap/) [Moving to a Cheaper City Can Net You an Extra $100,000 in Retirement](https://money.com/moving-retirement-cheaper-city-save-money/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/social-security-cola-next-year-2024/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/section/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Social Security", "item": "https://money.com/tag/social-security/" }, { "@type": "ListItem", "position": 4, "name": "Social Security Recipients Shouldn't Count on Another Huge Raise Next Year" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/social-security-cola-next-year-2024/#webpage", "url": "https://money.com/social-security-cola-next-year-2024/", "name": "Social Security Recipients Shouldn't Count on Another Huge Raise Next Year", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-03-17T18:56:20.000Z", "mainEntity": { "@id": "https://money.com/social-security-cola-next-year-2024/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/social-security-cola-next-year-2024/#breadcrumb" }, "dateModified": "2024-01-10T13:17:02.000Z" }, { "@type": "NewsArticle", "headline": "Social Security Recipients Shouldn't Count on Another Huge Raise Next Year", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/03/News-Social-Security-low-Increase.jpg", "width": 2880, "height": 1920, "caption": "News-Social-Security-low-Increase" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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