The Social Security Cost-Of-Living Adjustment Is Coming, But It Won’t Be As Big As This Year’s
October 11, 2023 3:13PM CDT
Credit: MGN
WASHINGTON (AP) — Social Security’s cost-of-living increase for 2024 will be announced Thursday.
But retirees won’t see anything close to the 8.7% increase that they got this year.
With consumer prices moderating, analysts are forecasting that the 2024 increase will be around 3.2%.
The cost-of-living announcement comes as the Social Security program continues to be on shaky financial footing.
The annual Social Security and Medicare trustees report released in March said the program’s trust fund will be unable to pay full benefits beginning in 2033.
If the trust fund is depleted by then, the government will be able to pay only 77% of scheduled benefits, the report said.
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