The ongoing government shutdown has postponed the much-anticipated announcement of the Social Security cost-of-living adjustment (COLA) for 2024, now slated for October 24, 2024.
This delay impacts tens of millions of beneficiaries who depend on these adjustments to navigate their financial futures.
The COLA announcement hinges on the release of the September Consumer Price Index, which is also delayed due to the shutdown.
Experts project a modest increase of approximately 2.7% to 2.8%, but the uncertainty surrounding timing complicates financial planning for recipients.
In the face of these challenges, the Social Security Administration assures the public that payments will continue as scheduled, despite the disruption.
This situation not only highlights the struggles faced by Social Security recipients but also underscores the far-reaching effects of the government shutdown on vital services and economic stability for countless families.
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