ROCKFORD, Ill. (WTVO) — The Senior Citizens League said that America’s seniors are likely to get smaller cost of living increases to their social security checks in 2024.
The smaller adjustments come as inflation begins to cool off. The group said that cost of living increases may add up to only 3%.
Adjustments are based on the Consumer Price Index and wage earner information.
This year’s cost of living adjustments were 8.7%, the highest increases in 40 years.