Reduction Likely in Upcoming “Cost of Living” Adjustment

Cooling inflation will likely translate to a reduction in the cost-of-living adjustment – which Social Security recipients could get next year.  Overall, inflation in June 2023 was up some 3% from the year prior; that represents the smallest 12-month increase since the period ending in March of 2021.

A 3% COLA (Cost Of Living Adjustment) would raise the average monthly benefit of $1,789 by $53.70.

If it holds, the 3% adjustment would be significantly lower than the 8.7% COLA increase Social Security recipients had received back in 2023.

The official announcement is expected October 12th.


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