2024 Cost of Living Adjustment – Temper your Expectations - NewsNation
On the heels of a big 8.7% Cost of Living Adjustment (COLA) for 2023, many Social Security recipients are wondering if a similar raise is in the cards for next year. The answer to that question is “No,” but a smaller increase – likely in the neighborhood of 3% – is probable. As we coast toward mid-October when the 2024 COLA will be announced, you will likely see increasing speculation in the media about what the 2024 COLA is, but most will leave out an important thing which this NewsNation article by Tom Palmer doesn’t omit – that an expected increase in the 2024 Medicare Part B premium will likely mean that much, if not all, of any COLA increase you get will be consumed by an increase in your Medicare premium, potentially leaving you with a $0 net increase to your Social Security benefit. Click here to read more.