After falling as inflation moderated, the projections for next year's Social Security COLA ticked up this morning.
Social Security benefits are projected to rise 3.2% for 2024, up slightly from prior estimates on higher consumer-price data through August.
An increase in gas prices fueled the rise. The COLA calculation is based on a subset of the headline consumer-price index called the consumer-price index for Urban Wage Earners and Clerical Workers , which rose 3.4% over the past 12 months. A COLA of 3.2% would raise an average monthly retiree benefit of $1,790 by $57.30, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League and author of the projection.
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