The Social Security Administration is set to announce its Cost of Living Adjustment (COLA) on October 10, 2024, impacting current and future beneficiaries.
The COLA adjustment is based on inflation, with last year's adjustment at 3.2%. Experts predict this year's could be lower despite high inflation concerns.
While any Cost of Living Adjustment can be seen as positive, many individuals feel that inflation has outpaced the increase, diminishing the real value of Social Security payments.
Marking your calendar for the SSA announcement could be crucial for understanding future spending power, as the updated adjustment impacts payments starting in 2025.
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