Summary
The U.S. government shutdown is delaying the Social Security cost-of-living adjustment (COLA) announcement until October 24, which affects millions of beneficiaries. This announcement usually depends on the Consumer Price Index for September, which is also delayed. Approximately 70.6 million people will be affected by this delay in planning their finances.
Key Facts
- The 2024 Social Security COLA announcement is postponed to October 24 due to the government shutdown.
- The COLA adjustment usually ties to the September Consumer Price Index, but it's also delayed.
- About 70.6 million people, including retirees, disabled individuals, and children, receive Social Security benefits.
- The COLA increase is expected to be around 2.7%, according to projections.
- Some beneficiaries express concern that this increase will not match rising costs of living.
- Legislators have proposed using a different index, the CPI-E, to better reflect older people's expenses.
- Social Security will start notifying recipients of their new benefit amounts in early December.
- Despite the shutdown, retirement and Supplemental Security Income benefits will adjust starting January 1, 2026.
