There could be a 3% Social Security increase in 2024, according to the latest estimates from The Senior Citizens League.
The consumer price index for urban wage earners and office workers — the index used to determine the Social Security cost of living adjustment (COLA) — rose 2.3% year over year.
The 2024 COLA when released will be based on third quarter CPI data for urban wage earners and office workers.
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This year’s COLA rose to 8.7% in 2023 due to record high inflation.
There are three more months of data to be analyzed before the COLA is announced in October. So the COLA estimate based on the Consumer Price Index can change.
According to the Social Security Administration (SSA), the average monthly benefit as of June 2023 is $1,701.62.
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