2024 Social Security COLA increase projected to shrink due to easing inflation.

The Senior Citizens League has estimated that the cost-of-living adjustment for Social Security benefits in 2024 could be 3.1%. However, the buying power of Social Security benefits has dropped by 36% since 2000, with eggs being the fastest-growing cost for seniors over the past year. To maintain the same standard of living as in 2000, retirees would need an extra $516.70 per month. While a higher cost-of-living adjustment may prompt higher spending among older Americans, it is delayed relief for those struggling with high inflation.