Social Security COLA for 2024 expected to shrink to 2.7%.

The annual cost-of-living adjustment (COLA) for Social Security beneficiaries in 2024 may be 2.7%, according to new data from the consumer price index. This is substantially lower than the record 8.7% increase seen this year due to high inflation. The estimate is subject to change and could even point to a lower benefit increase for next year as inflation continues to subside. The Senior Citizens League and Alliance for Retired Americans hope the measure for the annual COLA can be changed to the consumer price index for the elderly, or CPI-E, which would more accurately reflect the categories retirees spend their money on.