Social Security cost-of-living adjustment could be 3% — or lower — next year

Seniors and millions of others on Social Security get an annual cost-of-living adjustment that's geared toward aligning their monthly checks with inflation. Next year, that COLA could be 3% — or even lower — based on recent inflationary trends, according to an early estimate from the Senior Citizens League.

That 12-month average has been declining, even when inflation increased month-to-month as it did in January, she noted. Although inflation trends could change, price increases are now easing despite remaining well above the Federal Reserve's target of 2% annually. "It's important to remember that inflation was at the highest level in 40 years in 2022," Johnson noted."For there to even be a COLA [in 2024], inflation would have to exceed that."

She added,"I'm hoping to find some improvement in buying power, but the slow moderation in prices may not have too much of an effect so early in the year."in February, cooling from the prior month yet still stubbornly high. The CPI-W rose at an annual rate of 5.8% last month, according to the latest government data.

As a recipient, this year COLA has helped immensely. I have no hope of a big one ever again.

Thank Joe! His reckless spending is the cause of the inflation! Seniors living on Social Security alone were challenged, now they have decide between rent and eating!

If only eggs and rent and gas and electricity had all risen in price that little. Boomers are getting finanacially screwed, and it's all by design.

“A 3% COLA would amount to the smallest adjustment since 2020, prior to the surge in prices in 2021 and 2022 that has strained household budgets and eroded Social Security recipients' purchasing power.”

'could be' lol. Real hard-hitting journalism here.

booo

Both parties could have done something great for seniors ... neither did, its disgraceful. Its all just a bunch of games, neither is working for the American people

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