Retirees must brace themselves for lesser Social Security benefits increase in 2024 as they predicted the Social Security COLA 2024 could be 2.7%.
Social Security Beneficiaries predicted COLA 2024 could be 2.7%
There are still months away from knowing how big of an increase in Social Security beneficiaries. The Senior Citizens League released a statement the estimated Social Security COLA 2024 could be 2.7%.
The Senior Citizens League, a non-partisan group, said that inflation is the lowest since 2021. The prediction was based on the latest consumer price statistics.
No details of how the Senior Citizens League arrived at its 2024 COLA estimate were given. Though, it appears that the Senior Citizens League attempted to project how inflation could lower over the next few months.
The COLA 2024 could be lower than 2.2%
A 2.7% would be much lower than the 8.7% COLA that Social Security Beneficiaries received this 2023. But that estimate COLA 2024 might still be too high.
Any increase is better than nothing. But Social Security beneficiaries might want to prepare themselves for lowered Social Security benefits in 2024.