Seniors look forward to October to learn how much the annual Social Security cost-of-living adjustment (COLA) will add to their monthly benefit in the year ahead.
A year ago, they were thrilled to hear an 8.7 percent increase was on the way for 2023. However, this year it looks like a more modest increase is on the horizon.
Financial analysts are predicting a 3.2 percent hike, but the number is not yet set in stone.
We’ll learn the September CPI-W results on Thursday, October 12, at 8:30 a.m. Eastern time. Right after that, the 2024 COLA will revealed. Payments will begin in January 2024. Supplemental Security Income recipients will begin receiving their COLA in December 2023.
Council of Seniors Works to Get an Accurate COLA
Additional retirement income means a great deal in inflationary times. Here at Council of Seniors, we’re working tirelessly to get Congress to pass The SAVE Benefits Act. You need this bill because the annual Social Security cost-of-living adjustment (COLA) has shortchanged seniors over a series of years. Once passed, the $581 that should have been in their benefits will be returned.
Signing our petition is the first step to take to help us show Congress the growing number of Americans supporting this bill. Your participation can make a real difference in returning this money to seniors.
Does the COLA increase make any difference for you? Leave us a comment and let us know.
We’d love for you to connect with us on Facebook and Twitter!