What is going to happen to COLA in 2024? Is the Social Security cost-of-living adjustment going to rise more or will it remain the same?
This is an excellent question if we were to analyze what happened to it in the last two years. According to all the stats that we have available, we can easily notice that for the last two years, COLA has had its highest level in the last 40 years!
The Social Security Administration (SSA) used a three-month average of inflation to calculate the annual COLA, which will be revealed in October. For the first of those three months, July, the inflation gauge was up 2.6 percent per year.
We don’t yet know for sure what will happen to COLA in 2024, but we are here to see what specialists have to say about it and tell you about all of their predictions. So, are you going to get more money in 2024? Let’s find out together!