The Social Security Cost of Living Adjustment (COLA) for 2024 is not yet determined, but it is expected to be higher than the current estimate of 1.3 percent. The COLA is based on the national consumer price index. Variables such as the state of the economy, inflation, and changes in healthcare costs could all factor into how much the COLA increases in 2024. Forecasts suggest that the COLA could be higher than the current estimate of 1.3 percent.
