Social Security 2024: How Much Will They Lower Your Cost of Living?

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Good news: New government inflation data shows inflation is going down. According to official data, inflation continued to retreat in March as energy prices cooled from a year ago, when they began to increase due to Russia’s invasion of Ukraine.

While experts point out that this is definitely a good thing, it’s still far from making all the prices go down. However, a fall in inflation could mean one thing, and that is a lower cost-of-living adjustment for Social Security beneficiaries next year.

According to the official US Bureau of Labor Statistics data, the Consumer Price Index for All Urban Consumers, also known as CPI-U, went up 5% over the last 12 months and 0.1% in March.

Also, another measure used to calculate the cost-of-living adjustment, or COLA, for Social Security—CPI-W, or the Consumer Price Index for Urban Wage Earners and Clerical Workers—rose 4.5% from a year ago and 0.3% for the month prior to the seasonal adjustment.

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