In 2023, recipients of Social Security benefits saw the biggest increase in decades in their monthly checks. Although their payouts will indeed rise again in 2024, the cost-of-living adjustment (COLA) will be more modest – just3.2 percent, versus the nearly 9 percent boost in 2023. Does CO...
CRS used historical values from SSA’s AWI page and the projected value for 2023 in the Social Security trustees’ 2024 report based on their intermediate set of assumptions. (See SSA, Office of the Chief Actuary, “National Average Wage Index,” https://www.ssa.gov/oact/cola/ AWI.html;...