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Social Security's 2024 COLA Won't Beat 2023's 8.7% Increase. Here's Why

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Social Security's 2024 COLA Won't Beat 2023's 8.7% Increase. Here's Why: https://g.foolcdn.com/editorial/images/749841/middle-aged-man-serious-looking-at-documents.jpg

If you've been anxiously awaiting next year's Social Security cost-of-living adjustment (COLA) announcement, I've got good news and bad news. The good news is that you won't have to wait much longer. The Social Security Administration (SSA) will announce the new COLA on Oct. 12, 2023. The bad news is that it might not be what you were hoping for.

The latest projections indicate that the 2024 COLA won't come close to the 8.7% increase seniors saw in 2023. Below, we'll take a closer look at why, along with what seniors can do to make ends meet in 2024.

Image source: Getty Images.

Source Fool.com

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