A nonpartisan seniors group warned that next year’s cost-of-living adjustment (COLA) for recipients will likely be smaller in 2024 than in 2023, meaning retirees will lose purchasing power.
In a news release, The Senior Citizens League said that the COLA for 2024 could be approximately 3.1 percent for 2024, or down more than 5 percentage points from 2023’s COLA, which was 8.7. percent. The increase was the largest in more than 40 years due to high inflation amidst the winding down of COVID-19-related pandemic rules and lockdowns.
