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Recession ahead? 2024 COLA Will Be Affected - 401KSpecialist

Many pundits are suggesting that the American economy is headed for a recession in 2023, and the economic downturn would likely cause inflation to fall dramatically in the latter part of the year. So why will that affect next year’s Cost of Living Adjustment (COLA)? Well, because next year’s COLA will depend on the inflation rate in the 3rd quarter of 2023 and how that compares to the same period last year. Simply put, a lower inflation rate in 3Q2023 means a smaller COLA increase in 2024. Of course, predicting the future is always mere speculation but, as this 401KSecialist article by Brian Anderson points out, early signs are that the 2024 COLA increase may very well be quite modest, perhaps lower than 3%. Click here to read more.

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