Important Social Security Updates for Retirees in 2024

The Social Security Administration will announce the cost-of-living adjustment (COLA) for retirees this week, with expectations of a smaller increase compared to last year due to cooling inflation. The Senior Citizens League estimates a 3.2% increase based on August inflation data. While this is a decline from the 8.7% increase in 2023, it remains higher than the average increase over the past two decades. However, higher Social Security payments can reduce eligibility for low-income safety net programs and push retirees into higher tax brackets. The Senior Citizens League advocates for an inflation measure specifically for seniors to accurately account for their spending on healthcare.