If youre on Social Security, you might expect your check to increase by 3.2% in January.

Thats a much smaller cost-of-living adjustment than recipients got in 2023 (8.7%).

The Social Security Administrationmade the announcementOct.

Two retired people put a pineapple over their heads while sitting in a hot tub with their bathing suits on.

In December, you can see what your exact Social Security increase will be next year. Here’show to see it sooner online.Don’t Miss:Get Paid $225/Month While Watching Movie Previews

12, the same day new inflation numbers were released.

Even so, prices are still higher than before the pandemic.

Will an extra $50 a month be enough for the average retiree?

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Why Is this Years COLA Smaller?

Social Securitys annual cost-of-living adjustment is tied to inflation.

And over the last couple of years, inflation had been stubbornly high.

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No Interest Til Almost 2027?

But as inflation finally cools, so does the size of Social Security COLAs.

Its a lot more scientific than just looking at inflation generally.

Because costs are up 3.2% year-over-year at this point in time, thats the official adjustment for 2024.

But this financial safety net could start to run dry within a decade.

What if Your Social Security COLA Isnt Enough?

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.

Timothy Moore contributed to this report.

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