The Social Security cost-of-living adjustment could be 3% in 2024, a big drop from last year, amid signs that high inflation is beginning to moderate.
An increase of that magnitude would raise the average retiree benefit of $1,827 by about $54 per month.
Still, it is a very early estimate and is subject to change, according to Mary Johnson, a policy analyst at the Senior Citizens League who conducted the research. The"If inflation continues to fall at the current rate it appears that the COLA for 2024 will be lower than 3%," Johnson said.
This year's 8.7% benefit increase has exceeded the actual rate of inflation every month so far in 2023 by about 2.6%, according to the group's analysis, or roughly $44.90 per month. But average benefits have recovered only $179.40 since the start of the year – and that's the amount before the deduction of the Medicare Part B premium. The standard Part B premium is
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