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Here's the Latest Social Security COLA Forecast for 2024

TheMotleyFool

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Here's the Latest Social Security COLA Forecast for 2024: https://g.foolcdn.com/editorial/images/748567/senior-man-laptop-kitchen-serious-gettyimages-1544246983.jpg

At the start of 2023, seniors on Social Security saw their monthly benefits rise 8.7%. That was the largest cost-of-living adjustment, or COLA, to arrive in decades.

But 2024's COLA is shaping up to be considerably smaller. And based on recent inflation data, the non-partisan Senior Citizens League is projecting that next year's COLA will come in at 3.2%. A raise of that size would give the average monthly $1,790 benefit a $57 lift.

Image source: Getty Images.

Source Fool.com