In 2023, cost-of-living adjustments (COLA) for retirement programs such as Social Security, the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) all received the highest COLA in more than 40 years.
However, based on consumer price data released last week, the 2024 COLA is estimated to be approximately 3%, according to analysis from The Senior Citizens League (TSCL), a nonpartisan seniors group.
Results from a new survey by TSCL indicate that while the inflation rate in July was significantly lower than a year ago, most older Americans report that high prices still affect their household budgets.
TSCL released some of the responses to their survey from July 2023:
“How would you characterize your monthly budget for essential items (housing, food, and prescription drugs) over the past 12 months?”