"Projected Social Security COLA Increase for 2024 Revealed"
TL;DR Summary
The latest estimate from the Senior Citizens League suggests that there could be a 3% increase in Social Security benefits in 2024. The increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which rose by 2.3% year over year. The final COLA for 2024 will be determined using third-quarter data from the index, and there may be changes to the estimate as more data is analyzed. The average monthly benefit as of June 2023 is $1,701.62.
Topics:business#consumer-price-index#cost-of-living-adjustment-cola#inflation#senior-citizens-league#social-security
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