The average of the July-August CPI-W for 2024 indicates that the cost-of-living-adjustment (COLA) for Social Security recipients will be about 2.4 percent when it goes into effect in January 2025. While the calculation for the increase is incomplete until the September CPI numbers are published on Thursday, October 10 at 8:30 ET, it would take a big move up or down to lead to a meaningful revision in the present estimate.
The COLA is the year-over-year change in the average of the CPI-W for the third quarter. The COLA for the third quarter 2024 over the third quarter 2023 is used at the start of the next calendar year. The COLA is intended to prevent an erosion of purchasing power for Social Security recipients, not provide an increase in fixed incomes.
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