Social Security's 2024 COLA Could Be 3% Following Latest Inflation Report
Cooling inflation is certainly a good thing. The sky-high living costs consumers were forced to grapple with for much of 2022 just weren't sustainable.
While cooling inflation might spell relief for Americans of all ages, it could be a mixed bag for seniors on Social Security. That's because Social Security cost-of-living adjustments, or COLAs, are tied directly to inflation.
In July, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the index that's used to determine annual COLAs, was up 2.6% on an annual basis. The broader Consumer Price Index had annual inflation measured at 3.2%.
Source Fool.com
