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2024 Social Security COLA: A 3% Boost is Coming, But Not as Impressive as 2023

2024 Social Security COLA: A 3% Boost is Coming, But Not as Impressive as 2023 (Photo: USA Today)
2024 Social Security COLA: A 3% Boost is Coming, But Not as Impressive as 2023 (Photo: USA Today)

As we inch closer to 2024, retirees are bracing themselves for 2024 Social Security COLA (cost-of-living adjustment) that may not pack the same punch as 2023. Forecasts suggest that retirees may see a COLA increase of around 3%, less than half of the whopping 8.7% boost witnessed in 2023.

While a 3% increase in the 2024 Social Security COLA may not match the previous year's 8.7%, it's essential to recognize that it's still above the historical average. (Photo: Flipboard)

While a 3% increase in the 2024 Social Security COLA may not match the previous year’s 8.7%, it’s essential to recognize that it’s still above the historical average. (Photo: Flipboard)

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