"The ongoing government shutdown is delaying the announcement of the annual Social Security cost-of-living adjustment for tens of millions of beneficiaries.Originally scheduled for Wednesday, the 2024 Social Security COLA announcement will now be Oct. 24. It is timed to the September Consumer Price Index, which also has not yet been released.The agency adjusts its benefits every year based on inflation."
"Projections by Senior Citizens League and the AARP anticipate a COLA increase of roughly 2.7%. About 70.6 million people, including retirees, disabled people and children, get Social Security benefits.Social Security Administration beneficiaries have voiced concerns that next year's increase will not be enough to counter rising costs. Sue Conard, a 75-year-old retired nurse from La Crosse, Wisconsin, and SSA recipient, recently traveled to the U.S. Capitol with other retiree members"
The government shutdown has postponed the 2024 Social Security cost-of-living adjustment announcement until Oct. 24 because the September Consumer Price Index has not been released. Social Security benefits are adjusted annually based on inflation. Projections from the Senior Citizens League and AARP estimate a COLA increase of roughly 2.7%. About 70.6 million people receive Social Security benefits, including retirees, disabled people and children. Beneficiaries have expressed concern that the projected increase will not cover rising costs. Some beneficiaries traveled to the U.S. Capitol to lobby for healthcare protections and changes to how COLA is calculated, and some lawmakers have proposed using the CPI-E.
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