The 2024 COLA Announcement is Coming. Will It Help?
The official COLA announcement is expected on October 12. Will the annual cost-of-living adjustment be enough to help retired Americans combat inflation? Unfortunately, Social Security benefits have failed seniors for so long, there isn’t much reason to be optimistic.
While the previous low COLA increases have been bad enough, there is further reason to be concerned about the adjustment for 2024. The COLA was noticeably higher in the last two years, however, all signs point to a lower amount this year.
The projected COLA for next year is considerably less than the 8.7 percent in 2023. This significantly lower rate increase is expected partially due to slowing inflation rates. Reports from earlier this year show that the 2024 COLA could even drop below 2 percent.
We will have to wait and see what happens when the official COLA announcement is made. However, it’s clear that Social Security is still not giving seniors what they earned during their working years and what they need in retirement.
We are urging Congress to pass a bill we call The Greatest Generation Benefits Act which would create real change for those who rely on Social Security. Sign our petition if you agree that American seniors deserve better. Also, don’t forget to follow us on Facebook and Twitter for the latest updates.
