Social Security recipients will soon learn their cost-of-living adjustment. Here's what to expect.

Every October, the Social Security Administration announces its annual cost-of-living adjustment, a tweak to the monthly benefits of 71 million recipients that's meant to keep them abreast with inflation. The upcoming benefit hike is likely to fall far short of the current year's 8.7% increase, with experts warning that some seniors around the U.S. are at risk of losing ground.

The 2024 cost-of-living adjustment (COLA) for 2024 is likely to be 3.2%, according to the Senior Citizens League, an advocacy group for older Americans. That's based on recent inflation data, including today's August consumer price index report, which found that prices rose by an annual rate of 3.7% in August amid higher gas costs.

That means headline inflation continues to run hotter than the 3.2% annual COLA adjustment expected by the Senior Citizens League. Even with this year's 8.7% increase, which was the largest in four decades, many retirees say they're still falling behind, according to Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League.