More than 70 million recipients of Social Security retirement and disability benefits will soon know their cost of living adjustment.
Share on linkedin Data: Social Security Administration; Senior Citizens League; Chart: Axios Visualsis due out Thursday at 8:30am EST. While it's a number that always matters for understanding inflation trends, this one has extra significance.September's CPI is the final data point needed to calculate the cost of living adjustment that 71 million recipients of Social Security retirement and disability benefits see for 2024. It looks likely that the COLA will be in the low 3% range.
The average retirement beneficiary would see an extra $55 to $60 a month, depending on where the number lands.The COLA is based on the change in Q3 CPI for urban wage and clerical workers compared with a year earlier. We already have the July and August numbers, so the September number out tomorrow is the final one needed.
That could also put a damper on consumer spending in early 2024. But it also reflects a more benign inflation environment.rose by 0.5% in September, the Labor Department said this morning. That was significantly driven by higher energy prices.
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