Social Security's cost-of-living increase for 2024 will be announced Thursday
Karla Abbott, 61, stands on the Augustana University campus, Wednesday, Oct. 11, 2023, in Sioux Falls, S.D. After working 38 years as a nurse and looking ahead to retirement next spring, Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year. that millions of Social Security recipients get each year. But with consumer prices easing, the new boost will be far lower than this year's 8.
The program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The COLA is calculated according to the Bureau of Labor Statistics' Consumer Price Index, but there are calls to use a different index — and for the agency to instead use the CPI-E, which is the index that measures price changes based on the spending patterns of the elderly — like healthcare, food and medicine costs.
"I feel like there's a lot of distraction in Washington," Abbott said. “Does anyone even care about what is happening with Social Security? I have no clue why they can't come together on something so important.”
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