Social Security undergoes several revisions each year to keep certain aspects of the program aligned with inflation and wages. The most highly anticipated of those annual revisions is the cost-of-living adjustment (COLA), and just one more data point is needed to finalize the calculation for 2024: September inflation.

The Labor Department is scheduled to announce that last data point on Thursday, Oct. 12, 2023, at 8:30 AM ET. Barring unforeseen circumstances, the Social Security Administration will issue a press release that same day detailing multiple major changes coming to Social Security in 2024, including the finalized COLA.

Here are the important details.

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Source Fool.com