COLA Social Security 2023 updates

New adjustment to be revealed in just days and expert says it may drop significantly

THE 2024 Cost-Of-Living Adjustment (COLA) is expected to be 

announced in October and experts expect a decrease.

Social Security and Medicare policy analyst Mary Johnson predicts 

COLA could slip below three percent and could fall into the two percent range or 

even lower based on February inflation rates, she told CBS MoneyWatch in an email.

This comes after COLA's 8.7 percent raise last October which was the highest in more than 40 years.

Meanwhile, those with birthdays between the first and the 10th of October 

will be sent their monthly Social Security payment on the 11th of the month.

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