Social Security 2024 COLA Projection: Higher Increase Expected

The forecast for next year's Social Security cost-of-living adjustment (COLA) has increased to 3%, according to The Senior Citizens League, a nonprofit seniors group. This comes despite a decrease in inflation in June. The average monthly check for Social Security beneficiaries was $1,701.62 in May, and a 3% COLA would mean an extra $51 each month. However, the estimate could change as there are still three more months of data before the COLA is announced in October. Additionally, the increase in Medicare Part B premiums could potentially offset the COLA increase. Seniors have been struggling with inflation, with the average Social Security benefit falling behind by $1,054 due to severe inflation in 2021 and 2022.