2024 Social Security COLA Projected at 3.2%, But Rising Costs May Limit Benefit Boost for Seniors

Social Security's 2024 COLA is estimated to be around 3.2% based on recent inflation data, which would give the average retiree about $59 more per month.

Higher shelter and energy costs are driving inflation back up, leading to a higher COLA projection for 2024.

But COLA increases don't fully account for rising costs that impact seniors disproportionately.

The COLA may be largely offset by a projected increase in Medicare Part B premiums in 2024.

So the 2024 COLA may not end up providing much of a benefit boost for many retirees.