(NewsNation) — The ongoing government shutdown is delaying the announcement of the annual Social Security cost-of-living adjustment for tens of millions of beneficiaries.
Originally scheduled for Wednesday, the 2024 Social Security COLA announcement will now be Oct. 24. It’s timed to the September Consumer Price Index, which also has not been released.
The Social Security Administration adjusts its benefits every year based on inflation. The postponement of the announcement is the most recent example of how the government shutdown, entering its third week and with little progress made toward a resolution, has made it more difficult for people to plan out their finances.
A prominent senior advocacy group, meanwhile, has already estimated the forthcoming COLA to be around 2.7%, which they argue is not enough to cover the rising costs of groceries, housing and healthcare. They also voiced concerns about the shutdown’s other possible repercussions for the Social Security Administration, and ultimately, its beneficiaries.
The Associated Press and NewsNation affiliate The Hill contributed to this report.
