Is 3.2% Enough? Social Security COLA Forecast for 2024

2024's Social Security cost-of-living adjustment (COLA) is shaping up to be considerably smaller than 2023's.

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The Senior Citizens League is projecting a 3.2% COLA for 2024.

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A 3.2% COLA would give the average monthly $1,790 benefit a $57 lift.

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While a 3.2% COLA might seem disappointing at first, it's actually a fair and reasonable adjustment based on the data.

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The purpose of COLAs is to help Social Security recipients retain buying power during periods of inflation, not necessarily to help them get ahead.

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The Social Security Administration won't be able to officially announce a 2024 COLA until October, as COLAs are based on third quarter inflation data.

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There's a chance 2024's COLA will end up a bit higher or lower than 3.2%, depending on how things shake out in September.

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If you're worried that a COLA in the 3.2% range won't do much for your finances, think of other ways to

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improve them, such as joining the gig economy or cutting back on expenses.

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