{"id":39263,"date":"2023-10-12T13:19:35","date_gmt":"2023-10-12T13:19:35","guid":{"rendered":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/uncategorized\/2023\/10\/12\/retirees-to-see-smaller-social-security-cola-boost-as-inflation-eases\/"},"modified":"2026-08-08T05:08:36","modified_gmt":"2026-08-08T05:08:36","slug":"retirees-to-see-smaller-social-security-cola-boost-as-inflation-eases","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/pay-benefits\/2023\/10\/12\/retirees-to-see-smaller-social-security-cola-boost-as-inflation-eases\/","title":{"rendered":"Retirees to see smaller Social Security COLA boost as inflation eases"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

The Social Security Administration announced <\/a>on Thursday that the COLA for 2024 will be 3.2%, <\/b>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. <\/a><\/p>\n\n\n\n

The adjustment is significantly less than last year\u2019s, which at 8.7% was the largest bump in four decades <\/a>following a period of high prices for consumer goods during the COVID-19 pandemic. About 7.7 million veterans and retirees receive some sort of stipend affected by the announcement, and Social Security benefits account for about 30% of income for people over the age of 65.<\/p>\n\n\n\n

In May, Congress approved legislation guaranteeing that veterans receiving disability and support benefits will see the same cost-of-living boost in 2024 as Social Security recipients.<\/p>\n\n\n\n

The move was non-controversial but required annually so veterans\u2019 payouts will keep pace with other federal stipends. Military retirees will also see the same increase in their benefits.<\/p>\n\n\n\t