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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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Comments On This Topic

  1. People on Ssa Ssi recieving only 914.00 . MONTHLY ARE LIVING BELOW POVERTY LEVEL IN THE RICHEST COUNTRY KNOWN TO MAN AMERICA MOST OF THESE PEOPLE are Struggling for survival WHY?? Many Of them worked very hard throughout their lives before they retired or became disabled rent in many states are Higher than the checks they receive and public housing is a scam and ran by Natzi type beings that order the poor around then throw them out on the streets by evictions they then recieve from HUD plenty of renovation funds SAD SAD SAD AMERICA GOD SAYS CARE FOR YOUR POOR NOT OPPRESS THEM SHAME ON THE GOVERNMENT THATS ALLOWING THESE THINGS TO CONTINUE…..

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