With only a month left before official numbers are released, Social Security recipients are on pace to receive the smallest COLA in three years.
Published: Sep. 16, 2024, 6:20 a.m.With only a month left before the official numbers are released, Social Security recipients are on pace to receive the smallest cost-of-living increase in three years.shows next year’s COLA will be 2.5%, based on a decline from 2% to 2.5% in consumer price data. A COLA of 2.5% would raise the average monthly benefit for retired workers by $48 to $1,920.
While 2.5% is lower than the 3.2% received in 2023, TSCL said it wouldn’t be far from the historical norm. COLA has averaged about 2.6% over the past 20 years,COLAs, designed to prevent benefits from being eroded by inflation, are determined by data from the Consumer Price Index for Urban Wage Earners and Clerical Workers which tracks the average price of a basket of goods.
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