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Social Security’s Cost of Living Adjustment Could Rise the Benefits by More Than $57 a Month in 2024

(Photo: iStock)

Seniors who are still feeling the pinch of high prices will likely see their monthly SSA benefits increase by more than $57 in 2024, based on the cost of living adjustment estimate next year.

(Photo: iStock)

The Senior Citizens League (SLE) estimated that the Social Security’s cost of living adjustments (COLA) will be 3.2% next year, raising the average monthly retiree benefits of $1,790 by $57.30 starting January next year. 


According to Yahoo Finance, the estimate of the Senior Citizens League of SSA’s cost of living adjustment next year was based on the latest inflation data released on Wednesday. That is far below the 8,7% increase in benefits received this year, but is still higher than the average over the past 20 years, and up from the 3% hike that was crystal balled just last month.


The estimate on the cost of living adjustment was based on the inflation data from the Beaureu of Labor Statistics showed consumer prices rose 3.7 in August over the last year, a jump from July’s 3.2% annual increase. However, that is still a relief from last year’s high inflation. 


The actual cost of living adjustment, which would be announced by the Social Security Administration in mid-October, is calculated by averaging together the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 3rd quarter of the year – which is July, August, and September – and then will be compared that figure with the same data from last year.

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The CPI-W increased 3.4% over the last 12 months, which is slightly higher than the headline inflation figure. For this month, the index increased 0.6% prior to seasonal adjustment.


It is unlikely, however not impossible, that this month’s inflation reading would push the cost of living adjustment higher than 3.3% or more. Mary Johnson, Social Security and Medicare Policy Analyst at the SLE said that there has only been two other times in the past 23 yeast when the August and September inflation rate of change was high enough to make the jump for the cost of living adjustment.


According to Fox Business on, Social Security beneficiaries are on track to receive a cost of living adjustment next year that is bigger than previously expected. Mary Joohnson said that even with last year’s record high increas, retirees still say they are struggling to keep up with the inflation. She added that the reality is that he dollar amount of the cost of living adjustment increase received is meager at best.


Johnson also said that the inflation measure that does not adequately measure and accurately accounts for the portion of income spent on healthcare tends to undercount that actual rate of inflation and shortchange Social Security’s cost of living adjustment.

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