Social Security Adjustment May Be Smaller Than Previously Estimated, Group Says
A seniors group said that Social Security’s cost-of-living adjustment (COLA) might be smaller for 2024 than previously estimated.
The Senior Citizen’s League said the latest data from the U.S. Bureau of Labor Statistics suggests that the COLA, which will be announced later this year, will likely be around 2.7 percent. The previous estimate from the Senior Citizen’s League, released in May, was 3.1 percent.
“New consumer price data indicates that inflation is at its lowest level since March 2021. That was the start of our recent 40-year storm of two back-to-back years of historically high consumer prices. The Senior Citizens League now estimates that the Social Security cost of living adjustment 2024 could be 2.7 percent,” the league wrote in a report on Tuesday….