2024 COLA Outlook: Not Rosy - CNBC
The historically high 8.7% 2023 Cost of Living Adjustment (COLA) was, to be sure, helpful to seniors struggling with especially high inflation experienced during 2022. But as that sentence suggests, that increase in 2023 Social Security payments did nothing to recover money already spent due to higher prices the year before, thus American seniors continued to lose buying power. Fact is, American seniors have lost buying power at an alarming rate – about 36% since the year 2000 – which means that today’s Social Security dollars will buy about $516 less worth of goods than they would have in 2000. This is explained in a CNBC article by Lorie Konish which forecasts a 2024 COLA increase of about 3.1%. Click here to read more.