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Early Thoughts About 2024 COLA - Motley Fool
COLA – the annual Cost of Living Adjustment given to those collecting Social Security – is a mysteriously calculated percentage based upon year-to-year changes to a specific government index known as the “Consumer Price Index for Urban Wage Earners and Clerical Workers,” or more simply, the CPI-W. Specifically, the CPI-W for the 3rd quarter (July – September) of the current year is compared to the CPI-W for the 3rd quarter of the previous year and the difference is COLA for the forthcoming year.
Every recipient is well aware that the COLA increase to their Social Security benefit was historically high for 2023 (though still inadequate to offset already higher prices). But what does the current trend of the CPI-W portend for next year? Well, as explained in this Motley Fool article by Sean Williams, early predictions are that seniors shouldn’t expect much COLA financial relief in 2024, especially because the CPI-W so poorly represents inflation for America’s senior citizens. Click here to read more.