Experts predict that Social Security’s cost-of-living adjustment (COLA) will be about 3% in 2024. That’s less than half of the previous year’s COLA increase.
This year's Social Security cost of living adjustment was the largest in more than 4 decades. But experts expect next year's will be far lower.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 8.7%After working 38 years as a nurse, the 61 years-old Sioux Falls, South Dakota, resident says she’s been saving for retirement since she was 18.
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.”Karla Abbott, 61, stands on the Augustana University campus, Wednesday, Oct. 11, 2023, in Sioux Falls, S.D.
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