Social Security COLA increase for 2024 could be higher than expected

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Social Security COLA increase for 2024 could be higher than expected
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An estimate by the Senior Citizens League suggests retirees are cautious about their spending amid worries about making ends meet as high inflation persists.

Sept. 13, 2023, 8:34 PM UTCPayments to Social Security recipients may increase a bit more than expected in 2024, but an advocacy group says they'll still fall short of what retirees need.

The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it's based on the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.Inflation rocketed to 40-year highs in 2022 in the wake of a combination of pandemic stimulus payments, an increase in shopping and spending, and widespread supply chain problems. That prompted the Federal Reserve.

While Social Security benefits rise annually, the Senior Citizens League contends that the cost of goods and services that retirees need is increasing much faster than benefits are.

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