In 2024, a 3% COLA is predicted for social security

The biggest COLA since 1981 will be given to social security beneficiaries in 2023: 8.7%. CPI-W is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as measured by the United States Social Security Administration (SSA). Thus, social security recipients will experience lower cost-of-living adjustments when inflation slows. The June inflation rate dropped to a 12-month low of 3.0%, the lowest in two years. This is a decrease compared to May's 4.0% and April's 4.9%.

A nonpartisan seniors group, the Senior Citizens League, predicted last month that Social Security would increase by 2.7% in 2024. The group now predicts a Social Security COLA of 3% for 2024 despite slowing inflation. Though, an Allcalculator.net social security calculator will help you to make the calculation simple and easy. The researchers calculate that an average of 3% COLA increases $1,787 in benefits by $53.60. Here is the average monthly Social Security benefit for each group of beneficiaries based on data from the Social Security Administration, along with estimates based on the 3% COLA prediction for 2024.

Retired workers

• Average monthly benefit: $1,837.29
• The average monthly benefit with 3% COLA: $1,892.41

Spouses of retired workers

• Average monthly benefit: $893.01
• The average monthly benefit with 3% COLA: $919.80

Children of retired workers

• Average monthly benefit: $859.79
• The average monthly benefit with 3% COLA: $885.58

Survivor benefits

• Average monthly benefit: $1,451.85
• The average monthly benefit with 3% COLA: $1,495.41

Nondisabled widow(er)s

• Average monthly benefit: $1,713.36
• The average monthly benefit with 3% COLA: $1,764.76

Disabled widow(er)s

• Average monthly benefit: $894.78
• The average monthly benefit with 3% COLA: $921.62

Disabled workers

• Average monthly benefit: $1,486.42
• The average monthly benefit with 3% COLA: $1,531.01

Spouses of disabled workers

• Average monthly benefit: $407.63
• The average monthly benefit with 3% COLA: $419.86

There are still three months until Social Security's October 2023 COLA is officially announced, so these estimates might change.