Social Security Recipients to See Smaller COLA Increase in 2024

Cost of living adjustment (COLA) for Social Security recipients will be 3.2% in 2024, lower than 2023's 8.7% COLA.

The COLA affects over 71 million Americans receiving Social Security benefits. It's based on inflation figures from July-September 2022 vs 2021.

Average monthly Social Security retirement payment is currently $1,792. The 2024 COLA will add about $57 to this.

Inflation has dropped from peaks in 2022 but is still high enough that the Fed may raise interest rates again. Goal is to gently bring inflation down to 2%.

Nationwide economist says latest inflation figures keep Fed "hawkish and open to another rate hike."