Retirees to see smaller Social Security COLA boost as inflation eases

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Retirees to see smaller Social Security COLA boost as inflation eases
By Molly Weisner and Leo Shane III
Oct 12, 09:19 AM
United States capitol in Washington DC with a Social Security card and money (Getty Images)

Retirees from the federal government and military will see a much smaller cost-of-living adjustment to their Social Security benefits next year thanks to cooling inflation rates.

The Social Security Administration announced on Thursday that the COLA for 2024 will be 3.2%, which beneficiaries will see reflected in their statements come January. That means retirees would see an average increase of $59 each month, according to the AARP.

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