Social Security update: COLA in 2024 could be just 3.1%, forecast says

By Brady Knox

Published May 15, 2023 2:46pm ET

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Social Security update: COLA in 2024 could be just 3.1%, forecast says — FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. For the second straight year, millions of Social Security recipients can expect an historically small increase in benefits come January 2014. (AP Photo/Bradley C. Bower, File) | Bradley C Bower

A new forecast estimates that Social Security recipients may only receive a 3.1% cost-of-living adjustment, or COLA, next year.

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