Social Security COLA 2024 Estimate Holds Steady at 3%
A COLA of 3% would raise the current average monthly benefit by nearly $54.
The Senior Citizens League estimates the Social Security cost-of-living adjustment, or COLA, for 2024 is likely to be 3%, based on the latest consumer price index data, released Thursday.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the index used to determine the COLA, rose 2.6% year over the past 12 months, while increasing 0.2% in July — the same monthly jump reported in June.
A COLA of 3% would raise the current average monthly benefit of $1,789 by about $53.70, but Social Security recipients won’t learn the bottom line until the Medicare Part B premiums are announced, according to The Senior Citizens League.
COLA Insights: July 2023 Inflation Data
The index for shelter was the largest contributor to the slight monthly uptick in prices, with the index for motor vehicle insurance also contributing.
The food index increased 0.2% in July after increasing 0.1% in June. The index for food at home was unchanged at 3%, while the index weakened to 2% from 4% in the prior month.
The energy index rose 0.1% in July, down from 0.6% in June.
The index for all items less food and energy rose 0.2% in July, the same change as in the earlier period.
The Senior Citizens League plans to issue its final estimate of the 2024 COLA on Sept. 13. The Social Security Administration anticipates making its COLA announcement on Oct. 12.
The 2023 COLA computation can be found on the Social Security website.
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