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About Social Security’s Cost of Living Adjustment (COLA) -

Social Security’s Cost of Living Adjustment (COLA) is an especially hot topic during these days of high inflation, largely because so many seniors are struggling with higher prices on most everything they buy. The 2023 COLA increase of 8,7% was historically high – the highest in over 4 decades – and, even though it’s far to early to predict what next year’s COLA will actually be, some pundits are suggesting a much more modest increase for 2024. COLA for next year won’t actually be computed until after the 3rd quarter of this year and announced in October, but slowly easing inflation does suggest a smaller bump in our monthly Social Security check. In any case, it’s wise to understand how COLA is calculated and what’s on your Social Security horizon for next year, as explained in this article by Corina Gonzalez.

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