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Home›Family Finance›Social Security 2024: How Much Will They Lower Your Cost of Living?

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

By Our Editorial Team  |  Published April 27, 2023

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Because of the recent fall in the inflation rate, the buying power of Social Security beneficiaries could be reduced considerably next year. As already stated, if inflation keeps dropping at the current rate, the cost-of-living adjustment for 2024 will be lower than 3%.

According to Mary Johnson, there’s widespread support for maintaining a minimum COLA of 3%. This would be vital for the economy if slowing inflation lowers the consumer price index into negative territory, which is very likely to happen. In a nutshell, there’s a risk that there may be no COLA payable in 2024 if inflation slows rapidly.

This isn’t the first time something like this has happened. Since Social Security COLA was first introduced in 1975, there have been three times when no cost-of-living adjustment was approved for the following year due to deflation or low inflation: 2009, 2010, and 2015.

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10 responses to “Social Security 2024: How Much Will They Lower Your Cost of Living?”

  1. Glenda S Garner says:
    July 3, 2023 at 10:22 pm

    I can only hope for continuing special help with SS as it is most impossible to meet all expenses as it is. I already know my apartment lease will increase $100/month very soon. And that will not affect the potential cost of living decrease. It only increases.

    Reply
    • D.V. says:
      February 9, 2024 at 11:55 am

      I have to agree, every time we get a raise our rent increases too! This year after I recertification all that was left of the raise was $5. They took the rest in rent increase, sometimes I wonder who this benefits, because it sure isn’t the Seniors!

      Reply
  2. James Gong says:
    July 5, 2023 at 7:43 am

    Social Security seniors should get a raise every year. And if the government and or Senator and congress give themselves a raise the SSN seniors should get the same amount or no raises for government employees.

    Reply
  3. CHRIS KELLY says:
    July 6, 2023 at 12:06 am

    All senior over 70 years should be raised up to 2500 a month. What us old timers get is a disgrace when we pay all of the pensions in Ukraine.

    Reply
  4. Phillip Ramsey says:
    February 9, 2024 at 11:06 am

    They lower the COLA for American Citizens but the continue to give free money to support Ukraine and illegal aliens that keep pouring into this country! Totally unexceptional.

    Reply
  5. James Henry says:
    February 9, 2024 at 11:43 am

    Everyone in the government can give themselves a cost of living raise but all of the citizens and senior citizens that’s on fixed income hardly if ever get a cost of living increase. Just like they say it’s a fixed income meaning that it’s not going to increase and we being senior citizens that have paid into this system all of our working years are basically living in poverty.

    Reply
  6. Robert Wallace says:
    February 9, 2024 at 11:50 am

    I am 75 years old and everything is going up, a can of soup $1.65, loaf of bread $3.59, gas $3.45 a gallon, and power bills averaging over $300 a month , there is nothing coming down as these idiots running the country don”t care its all a power thing, they have forgotten the average American. Older people should get Medicaid, and let the freeloaders get A JOB, their are GENARATIONS that have never worked a day in their life. DISGUSTED !!!!!

    Reply
  7. Ramon G Hinman says:
    February 9, 2024 at 5:03 pm

    Sam-

    Federal Govt. Employees usually get very meger raises. Example: If the cost of living goes up 4% in The USA, the Cost-Of-Living Adjustment for Federal Government Employees would be 2 1/2-3%. Some years-nothing
    even though there was a jump in inflation. People do not seek a federal job to “get rich.” Federal jobs are usually steady and if you do work-secure,

    Last year Federal workers got the largest raise in decades. This year despite high inflation-around 3%.

    Reply
  8. D says:
    February 9, 2024 at 6:19 pm

    I don’t know all the math but I know the price of every single item I buy has gone up way over 3.2% ($0.032 on $1) each. My Cola is -29 just for the main bills not all of them or groceries, gas, etc… Plus we need upkeep on our homes, cars or we won’t have them long. At least they got a decent raise and the president got his salary doubled.

    Reply
  9. Dr T. M. Kelemen-Beatty, BFHM, DD says:
    February 9, 2024 at 9:41 pm

    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.

    Then why did the White House give us only 3% Cola?????????

    Reply

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