According to the Senior Citizen’s League, the following cost-of-living adjustment for Social Security beneficiaries will probably be the smallest in years.
According to the Senior Citizen’s League (TSCL), a nonpartisan senior advocacy organization, the cost-of-living adjustment (COLA) for 2024 is probably going to be about 2.7%, which would be the least gain since 2020.
The prior prediction from the organization made public in May, had that figure somewhat greater at 3.1%.
The logic behind TSCL’s updated forecast is that the Consumer Price Index for Urban Wage Earners (CPI-W) of the Labor Bureau indicates that inflation is slowing down, or certainly appears to be slowing down. However, TSCL researchers claim that these figures, which the Social Security Administration eventually uses to calculate the yearly COLA, do not correctly represent the “stubbornly high” costs that elders have to pay on essential items.