Social Security Payment Increase Could Drop Significantly in 2024: Seniors Group

A nonpartisan seniors group warned that next year’s cost-of-living adjustment (COLA) for recipients will likely be smaller in 2024 than in 2023, meaning retirees will lose purchasing power.
In a news release, The Senior Citizens League said that the COLA for 2024 could be approximately 3.1 percent for 2024, or down more than 5 percentage points from 2023’s COLA, which was 8.7. percent. The increase was the largest in more than 40 years due to high inflation amidst the winding down of COVID-19-related pandemic rules and lockdowns.
The group said that because of a likely decrease in inflation, there will be a smaller COLA adjustment. Inflation has been decreasing as the Federal Reserve has sharply raised interest rates over the past year or so, although Labor Department data shows that last month’s Consumer Price Index—a measure of inflation—stood at 4.9 percent year-over-year….