The next cost-of-living adjustment (COLA) increase for Social Security recipients might be better than what was previously predicted, according to a nonpartisan seniors group.
The Senior Citizen’s League advocacy group said that the COLA increase for 2024 might be around 3 percent, which is far lower than 2023’s 8.7 percent increase, according to a press release issued this week. Last October, the Social Security Administration, the agency overseeing the payments, announced the adjustment for payments going out starting in January of this year.
