Social Security cost-of-living adjustment coming -- but it won't be as big as this year's

WASHINGTON (AP) — Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year. But with consumer prices easing, the new boost will be far lower than this year's 8.7%

Analysts estimate the adjustment for 2024 will be around 3.2%.

After working 38 years as a nurse, the 61 years-old Sioux Falls, South Dakota, resident says she’s been saving for retirement since she was 18. But she isn’t certain that it will be enough, even with her Social Security benefits.

Still, she said Social Security's annual cost-of-living increases provide some support as she and her husband plan out their non-working years. “The increases will be helpful, certainly to those of us who are still doing the math on retirement," she said.