The Latest COLA Forecast: Here's How Much Social Security Benefits Could Increase in 2024

Social Security undergoes several important changes each year, the most anticipated of which is the cost-of-living adjustment (COLA). Rampant post-pandemic inflation led to unusually large COLAs of 5.9% in 2022 and 8.7% in 2023, but the latest inflation data from the Labor Department points to a smaller increase in Social Security benefits next year.

However, policy analyst Mary Johnson of The Senior Citizens League recently upped her COLA forecast to account for an acceleration in August inflation, and beneficiaries are still on pace to get an above-average raise in 2024.

Here are the details.

Source Fool.com