With the recent outbreak of the novel coronavirus drastically affecting the US and global economy, Social Security benefits have been put under extra scrutiny. With no definitive policy on how the crisis will be handled, questions have been raised about the status of the Social Security Cost of Living Adjustment (COLA) for the year 2024. The COLA is created for retirees to ensure that their benefits stay up to pace with inflation. The adjustments are made each year to benefit recipients accounts. The COLA for 2024 will kick in on December 31, 2023. In the virological crisis currently taking over the world, the American public has questioned whether the COLA increase will be applied next year. It’s important to note that the COLA is set independently and automatically, thus the economic turmoil cannot be involved in the COLA decision making. It is set on over 48 million Americans receiving benefits and each one third of that number are Social Security recipients. The Social Security Administration (SSA) will use the Consumer Price Index (CPI) to determine the amount of the annual COLA raise. The CPI measures the changes in the prices of a selection of goods and services, including gas, rent, medical care, food, and transportation services in the US. The CPI continues to update itself each month and is the baseline for slotting the COLA numbers. These COLA raises can range from 0 percent to 3 percent. Even though many elderly people rely on Social Security to support their lifestyles, a small raise in the benefits can be impactful. Complementing this, Medicare Part B has also seen an increase in premiums which is estimated to set back the elderly an average of $23 per month. However, this pricing will be adjusted depending on income. It is still too early as of now to give an exact COLA raise for the year 2024. However, with December 31st being the date for when the COLA will kick in, it is the only confirmed fact to appear so far. Until then, it is safe to assume that the SSA will continue to carefully monitor the CPI and decide on the exact raise for 2023-2024.