2024 Social Security COLA Projected Around 3-3.5%, Providing Some Inflation Relief for Seniors

On October 12, the Bureau of Labor Statistics will release data that the Social Security Administration uses to calculate the 2024 COLA.

The 2024 COLA is expected to be in the 3-3.5% range, lower than this year's 8.7% COLA.

A smaller COLA indicates lower inflation, which may provide relief for seniors reliant on Social Security.

Medicare Part B premium increases could reduce the net COLA amount seniors receive in 2024.

October 12 will bring not just the 2024 COLA announcement, but other Social Security updates like wage caps and earnings test limits.