2024 Social Security COLA Increase , May Be Higher Than Expected.<br />On Sept. 13, the Senior Citizens League <br />said that the 2024 cost of living <br />adjustment (COLA) will probably be 3.2%.<br />On Sept. 13, the Senior Citizens League <br />said that the 2024 cost of living <br />adjustment (COLA) will probably be 3.2%.<br />The increase would amount to another $57 a month for the average recipient, the group estimates.<br />The COLA is calculated "based on the <br />Consumer Price Index for Urban Wage Earners <br />and Clerical Workers (CPI-W)," NBC News reports. .<br />That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics. .<br />That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics. .<br />In July and August of this year, the <br />CPI-W rose 3.6% and 3.4%, respectively.<br />In 2022, inflation reached a 40-year high.<br />The Federal Reserve has increased the <br />benchmark U.S. interest rate to be at its highest level in over 20 years in an attempt to cool inflation.<br />While the Fed's tactics have somewhat <br />slowed the economy this year, inflation <br />is still higher than it was in the 2010s.<br />Because of this, the Senior Citizens League says <br />that benefit amounts aren't enough to keep up with the <br />rising "cost of goods and services," NBC News reports. .<br />For example, anyone who retired before 2000 <br />would require $500 more in benefits each month to reclaim "the purchasing power they had in 2000," NBC News reports. .<br />The official COLA increase will be announced by <br />the Social Security Administration in mid-October
