The newest Social Security cost-of-living adjustment (COLA) projection for 2024 pushed higher even though inflation in the United States managed to decline in June, reaching its lowest point in over 2 years.
As per information issued on Wednesday by the U.S. Bureau of Labor Statistics, total inflation increased by 3% in June 2023 compared to the prior year. In March of 2021, this has been the lowest 12-month gain. The index for shelter, which reflects growing residential and rental expenses and is especially damaging to the elderly on fixed incomes, was one of the major individuals to the gain.
The Senior Citizens League, a non-partisan seniors advocacy organization, predicts that the Social Security COLA for 2024 is expected to be 3% based on the June BLS statistics. The COLA estimate for the previous month was 2.7%, thus this estimate is higher.