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2024 COLA to be announced soon - MARCA
In about 2 weeks, the government will announce the 2024 Cost of Living Adjustment (COLA) to be given to all Social Security recipients effective with their December SS payment (in January). Most pundits are forecasting a raise of about 3.2%, considerably less than last year’s historic 8.7% bump. Though smaller, the projected 2024 number is still higher than most annual raises received over the last decade. Annual raises between 2013 and 2021 were all less than 3% (0% in 2016) because inflation was very low during those years, but rising inflation starting in 2021 resulted in correspondingly higher COLA, as is outlined in this MARCA article.