In 2024 Social Security and Supplemental Security Income benefits will be increased by 3.2%, this is called a cost of living adjustment (“COLA”). The purpose of the COLA is to ensure benefits and their purchasing power are not eroded by inflation, and for that reason it is calculated annually, though not always adjusted. SSA uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was issued compared to the third quarter of the current year to determine whether or not another COLA is necessary.
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