Social Security Cost-of-Living Adjustment Projected to Decrease Significantly for 2024

Annual inflation slowed in May to 4%, the smallest rise since March 2021 and well off the peak of 9.1% in June last year.
Cooling inflation rate means a significantly lower cost-of-living adjustment (COLA) of 2.7% for next year, according to a forecast from The Senior Citizens League, a nonprofit seniors group.
Seniors spend their money differently and most of it on housing, food, transportation, utilities, and healthcare, all of which are still increasing at a quick pace.
Even though inflation this year has been running below the 8.7% beneficiaries received, they haven't been able to recoup the losses they incurred in 2021 and 2022, when inflation reached a 40-year high.
The next COLA will be announced in October and be effective starting January 2024.