"Anticipating Social Security's COLA Increase in 2024: What It Means for Recipients"

The Social Security Administration will announce the 2024 cost-of-living adjustment (COLA) on October 12, 2023. While the 2023 COLA was a robust 8.7%, the 2024 COLA is expected to be around 3.2%. However, rising Medicare Part B premiums and the potential impact of expensive drugs like Leqembi could eat into the COLA, leaving many retirees with little or no increase in their monthly payout. Additionally, the current method of calculating COLA using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) fails to accurately reflect the inflation experienced by seniors, resulting in a decline in the purchasing power of Social Security income over the years.