homeWelcome, sign in or click here to subscribe.login
     


 

 

Money


Subscriber content preview

December 11, 2023

What the 2024 Social Security COLA could mean for your retirement

  • The annual cost of living adjustment can help you predict your potential future payments so you can plan accordingly.
  • By DALIA RAMIREZ
    NerdWallet

    Social Security benefits for millions of people will rise by an average of over $50 a month starting in January, thanks to the Social Security Administration's 3.2% annual cost of living adjustment for 2024, announced on Oct. 12. The change will immediately put more money in current retirees' pockets, but it also could have a considerable effect on payouts to future retirees.

    The 2024 increase is much smaller than last year's 8.7%,the largest since 1981. But because the COLA reflects inflation, a smaller increase is not necessarily a bad thing; it suggests that inflation is more stable and may help the Social Security Administration provide maximum benefits for longer.


     
    . . .


    To read this story in full login or purchase a subscription.



    
    Email or user name:
    Password:
     
    Forgot password? Click here.