Senior Citizen League: Projects Social Security COLA Increase 2024

Photo byRichard SagredoonUnsplash

Portions of this article writen with AI assistance.

The Senior Citizens League (TSCL), a non-profit advocacy group, has projected a 2.63% cost-of-living adjustment (COLA) for Social Security benefits in 2024. This projection is based on the group's analysis of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is the metric used to determine the annual COLA increase.

The COLA adjustment is designed to help ensure that Social Security benefits keep pace with inflation, allowing seniors to maintain their purchasing power as the cost of living rises. TSCL's forecast of a 2.63% increase for 2024 suggests that the adjustment will be lower than the significant 8.7% hike seen in 2022 as well as the 3.2% last year, reflecting an expected moderation in the rate of inflation.

While not as substantial as the prior year's increases, the projected 2.63% COLA for 2024 will still provide a boost to the monthly Social Security payments received by millions of older Americans. This adjustment aims to offset the rising costs of goods and services that impact the budgets of retirees and other Social Security beneficiaries.

For clarity the 2024 increase is for benefits to be collected in 2025. The official increase amount will be announced in early October. The increase would bring the average benefit from $1907. to $1957.

What do you think?

Is it enough?

Please leave your comments below. Also, consider sharing this article to bring more voices into the conversation.

I write about business, lifestyle, and spiritual matters. If you found this article informative and useful, hit the "like" and "follow" buttons--it would be appreciated.