As inflation continues to decline, Social Security recipients are set to receive a much smaller cost-of-living adjustment than last year.
The annual COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, according to Fox 5 New York. The Senior Citizens League, an activist group for senior citizens, calculated that at the current rate, the COLA next year is set to be a 3% increase. In comparison, the COLA last year was an 8.7% increase.If conditions remain the same by October, when it is announced, the increase would be $54, added to the current monthly check of $1,827.
"If inflation continues to fall at the current rate, it appears that the COLA for 2024 will be lower than 3%," she said."Although easing inflation should relieve older consumers, new survey findings from the Senior Citizens League indicate that recent steep inflation has had long-lasting financial impacts on many older households, making recovery difficult.
So far, the record-breaking 8.7% increase has overshot the expected inflation by an average of 2.6% each month. Last year, the COLA undershot expected inflation by a cumulative $1,054.
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