Here’s the latest Social Security COLA estimate for 2024 | ET REALITY

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The Social Security cost-of-living adjustment may be 3.2% in 2024, according to one analyst, in stark comparison to the 2023 rate, which was close to 9%.

The Senior Citizens League announced its latest estimate Wednesday following the release of August consumer price data. The estimate would mean an additional $57.30 per month for a retiree receiving the average monthly benefit of $1,790, said Mary Johnson, Social Security and Medicare policy analyst for the Senior Citizens League.

Johnson tracks consumer price data and potential Social Security COLAs each month. In both June and July, the estimate was 3%.

See: Social Security COLA: What is the best way to calculate the increase?

The Social Security Administration is expected to announce the official COLA next month.

Social Security beneficiaries saw an 8.7% increase in their COLA benefits this year, the largest increase in more than 40 years. The average for the last 20 years was 2.6%, according to the Seniors League.

Even with such a large increase in 2023, many retirees worry about paying their bills with the benefits they earn. In a recent survey by the Senior Citizens League, 54% of older Americans said the COLA did not keep pace with inflation, and the same number of respondents said their household expenses increased more than their benefit increases last year. past.

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