: Social Security’s big day: COLA to be announced Oct. 12

by | Oct 7, 2023 | Stock Market

The Social Security Administration’s biggest day of the year is coming Oct. 12 when the annual cost-of-living adjustment will be announced. But don’t get too excited. The 2024 COLA for Social Security is expected to rise about 3.2%, according to estimates from the Senior Citizens League, a pro-senior think tank. That’s compared to an 8.7% increase for 2023, which was the highest COLA in more than 40 years amid high inflation.

The average COLA over the last 20 years has been about 2.6%. And keep in mind that the COLA is a benefit adjustment that reflects inflation — it’s not a raise. It just catches beneficiaries up with current inflationary pressures. Still, any COLA increase is a help for the roughly 67 million Social Security beneficiaries. Almost 70% of retirees rely on Social Security as their primary retirement income source, according to the Transamerica Center for Retirement Studies.  Based on the 3.2% estimate, the COLA increase would mean an additional $57.30 per month for a retiree receiving the average monthly benefit …

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