At the start of 2023, seniors on Social Security saw their monthly benefits rise substantially thanks to the 8.7% cost-of-living adjustment (COLA) they received. But next year's raise is shaping up to be a lot smaller. Initial estimates, in fact, are coming in at around 3%.

Clearly, that's not the news seniors want to hear. But it's also easy to make the argument that Social Security COLAs don't really matter since they're simply a reflection of inflation.

At this point, a lot of Social Security beneficiaries want to know what sort of COLA they'll be receiving at the start of 2024. But we won't have an answer for a good number of weeks.

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Source Fool.com