The Social Security cost-of-living adjustment for 2024 is expected to be announced this week, and beneficiaries may be in store for a smaller increase.
Retired Americans collecting Social Security benefits will find out this week just how big their cost-of-living adjustment will be in 2024 as they continue to confront unusually high inflation. The Social Security Administration will announce on Thursday the 2024 cost-of-living adjustment for individuals who receive retirement or disability benefits. The increase is expected to be far smaller than last year's, due to cooling inflation.
Nobody is getting rich," Johnson said. "The reality is that the dollar amount of the COLA increase received is meager at best, with the average monthly retiree benefit only $1,790 in 2023." Big benefit increases are not always good news for recipients. Higher Social Security payments are a bit of a Catch-22.
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