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2024 Cost of Living Adjustment

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By Daniel Petkevich
Nov 13, 2023

SSA & COLA Impacts for 2024

Social Security is a vital source of income for millions of seniors, and the annual Cost of Living Adjustment (COLA) is a topic of great interest and importance. Each year, the Social Security Administration (SSA) evaluates the COLA to help seniors maintain their purchasing power in the face of inflation.

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2023

In 2023, the COLA increased by 5.9%. This was the most significant adjustment in decades and welcome news for retirees as it helped offset the increasing costs of healthcare, housing, and daily essentials.

2024

In 2024, the COLA will increase by 3.2%. On average, Social Security retirement benefits will increase by over $50 per month starting in January.

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