The cost-of-living adjustment (COLA) is a critical factor for millions of senior citizens, federal retirees, and disabled individuals across the United States. The yearly COLA ensures that the benefits they receive from Social Security and Supplementary Security Income (SSI) keep pace with inflation. Without this essential adjustment, the buying power of these benefits would diminish over time.
The Social Security Administration has announced that the 2024 COLA will be 3.2 percent. This means that beneficiaries can expect an increase in their benefits starting in January. The percentage is based on the average Consumer Price Index (CPI) for urban wage earners and clerical workers, a measure of inflation. With the rise in prices of goods and services, the COLA provides much-needed support for Social Security recipients to maintain their standard of living and make ends meet.
At The Seniors Center, we’re constantly working to protect the future of Social Security. By calling on Congress to pass needed legislation that could ensure the long-term solvency of the program, we’re committed to securing the benefits that millions of Americans rely on.
Make your voice heard today by signing our online petition or by following us on Twitter and Facebook. While the 2024 COLA is an important announcement, it’s just one small piece of the larger conversation around Social Security and its future.