"Important Dates and Increases: Social Security Updates for Recipients"

On October 12, the Bureau of Labor Statistics will release September's Consumer Price Index (CPI), allowing the Social Security Administration (SSA) to calculate the cost-of-living adjustment (COLA) for 2024. Estimates suggest that the raise will be in the 3% to 3.5% range, significantly lower than the 8.7% increase in 2023. However, a smaller raise may indicate a decrease in living costs. Seniors should also be aware that a potential hike in Medicare Part B premiums could reduce the impact of the COLA. The SSA will also release a fact sheet on other changes to the program on October 12.