Seniors look ahead to the annual cost-of-living adjustment (COLA) to their Social Security benefit each year. This year’s increase was the highest in almost four decades, coming in at 8.7 percent. Economic policy analysts are anticipating a much lower COLA this coming year because inflation is beginning to run slower because of the interest rate hikes by the Federal Reserve.
Some experts predict a 2024 COLA of 3 percent or less because consumer prices are up only around 5 percent from last year, and the March number changed only 0.2 percent from February. If the COLA comes in around 3 percent, that would mean an average monthly increase of about $54 benefit, compared to the $146 for 2023.
Because the CPI-W doesn’t take into account healthcare costs, some policy analysts believe a new measure is needed to determine the COLA.
You Deserve Stronger Benefits
Extra retirement income helps seniors with out-of-pocket health care expenses. That’s one reason why Council of Seniors is working tirelessly to get Congress to pass The SAVE Benefits Act. You need this bill because the variation in the Social Security cost of living adjustment (COLA) has short-changed seniors by $581 over a series of years. The passage of this bill will ensure the money is returned.
Please sign our petition and get others to help too! Let’s work together and show Washington politicians how many people support this bill and want action now.
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