Your 2023 Social Security COLA could be 3% or less

The biggest cost-of-living adjustment, or COLA, benefit soared to 8.7% last year.

[{"selector":"#anim-7ce97c7c-27d2-4e04-818a-591e0391d3da [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-a9568652-ec1e-46e4-8d04-3065bc9582cb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Absolutely don't expect anything close to 8.7% this time around in 2024. Absolutely don't expect anything close to 8.7% this time around in 2024. CREDIT GETIMAGE

[{"selector":"#anim-efd4a91b-e947-478d-a9a6-ab7d232c2ef7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Social Security COLAs are based on inflation -- specifically, urban wage earners and clerical workers. Social Security COLAs are based on inflation -- specifically, urban wage earners and clerical workers. CREDIT GETIMAGE

[{"selector":"#anim-e8134bd9-2fb7-4d81-ae99-2e0a4a501f1f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-dbca5186-85fd-42f5-a111-2f9f9a011b6e","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] In March, the CPI-W increased by only 5% on an annual basis. In March, the CPI-W increased by only 5% on an annual basis. CREDIT GETIMAGE

[{"selector":"#anim-4758d480-4c7c-4da7-b00b-5ba29fa7fc6b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Senior citizens may see a disappointment in their Social Security cola next year due to a steady decline from 2022. Senior citizens may see a disappointment in their Social Security cola next year due to a steady decline from 2022. CREDIT GETIMAGE

[{"selector":"#anim-aec2dc36-e2f9-4cdb-ab2e-5e4c6432eade [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ec3341e5-bcfb-4465-90a4-8597d66e63e2","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Based on the inflation data, it looks like the 2024 COLA will fall below 3%. Based on the inflation data, it looks like the 2024 COLA will fall below 3%. CREDIT GETIMAGE

[{"selector":"#anim-7ce55a9f-7966-4492-afe1-6cf2d2525c87 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] After enjoying an 8.7% increase in 2023, seniors don't see a 2% or 3% COLA reduction well. After enjoying an 8.7% increase in 2023, seniors don't see a 2% or 3% COLA reduction well. CREDIT GETIMAGE

[{"selector":"#anim-6e558071-3c2a-44a5-abb2-12bd81255cf2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-c196c538-4c85-4415-8f2e-35f1fcaa06c5","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] It may be important to note here that Social Security recipients can expect a slight increase in their benefits in the coming year. It may be important to note here that Social Security recipients can expect a slight increase in their benefits in the coming year. CREDIT GETIMAGE

Your 2023 Social Security COLA could be 3% or less

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Your 2023 Social Security COLA could be 3% or less

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The biggest cost-of-living adjustment, or COLA, benefit soared to 8.7% last year.

The biggest cost-of-living adjustment, or COLA, benefit soared to 8.7% last year.

Your 2023 Social Security COLA could be 3% or less

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