The announcement of the 2024 Social Security cost-of-living adjustment (COLA) has been delayed due to the ongoing federal government shutdown.

Originally scheduled for October 18, the COLA announcement will now be made on October 24, in line with the delayed release of the September Consumer Price Index (CPI).

Why it matters: The COLA is important because it adjusts Social Security benefits annually to reflect inflation and rising living costs. • Approximately 70.6 million Americans, including retirees, disabled individuals, and children, depend on Social Security benefits. • The delay caused by the government shutdown has complicated financial planning for many beneficiaries.

The big picture: The Senior Citizens League and AARP project a COLA increase of roughly 2.7% for next year.

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