"Originally scheduled for Wednesday, the 2024 Social Security COLA announcement will now be Oct. 24."
"The agency adjusts its benefits every year based on inflation."
""The issue of how the COLA is determined is flat-out wrong because health care is not factored into the CPI," said Conard, speaking on the front steps of the Longworth House Office Building."
Government shutdown has delayed the annual Social Security cost-of-living adjustment announcement, now scheduled for Oct. 24 and tied to the September Consumer Price Index, which also remains unreleased. Social Security benefits are adjusted each year based on inflation, affecting about 70.6 million retirees, disabled people and children. Projections from the Senior Citizens League and AARP anticipate a roughly 2.7% COLA increase. Many beneficiaries worry that the projected increase will not keep pace with rising costs. Advocates and some lawmakers urge changing the COLA measure to the Consumer Price Index for the Elderly (CPI-E) to better reflect older Americans' costs, particularly healthcare.
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