US Benefit COLA Updates: 2027 Social Security Forecast Cut, 2024 VA Rise

Social Security VA COLA cost-of-living adjustment 2027 forecast 2024 increase

Analyst Mary Johnson lowered her projection for the 2027 Social Security cost‑of‑living adjustment (COLA) to 3.7%, down from a previous 4.7% estimate, after June’s cooler inflation data. The final COLA will be based on third‑quarter CPI figures and is expected to be announced by the Social Security Administration in mid‑October.

The Department of Veterans Affairs announced a 3.2% COLA for 2024, tied to the Social Security COLA, to increase monthly disability compensation and related benefits for veterans. The adjustment is intended to preserve the purchasing power of veterans’ benefits amid inflation.

Both adjustments affect large groups of retirees and veterans, with the Social Security estimate remaining tentative pending official inflation data.

Sources

2027 Social Security COLA Gets a Downgrade: What Retirees Need to Brace For | The Motley Fool [www.fool.com]

9 days ago

What Is the VA Cola for 2024? - Food Blog Alliance [foodblogalliance.com]

10 days ago