Social Security recipients will only have to wait a few more weeks before they know how much their cost-of-living-adjustment increase will be in 2024.

The annual increase, known as COLA, is based on the average inflation for July, August and September as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. Inflation from those three months is added together and averaged and then compared with the third quarter from the same time the previous year. The percent of the difference between the two amounts is the COLA.

The CPI-W rose 3.6% in July and 3.4% in August.

The final piece of the puzzle – September’s figures – is slated to be released on Thursday, Oct. 12 at 8:30 a.m. ET (7:30 a.m. CT). Shortly after that, the Social Security Administration will announce the COLA, payable for the first check in January.

The latest estimates put the 2024 COLA at 3.2%, far below last year’s 8.7% boost. This year’s average monthly retirement benefit is $1,790, a figure that would grow by $57.30 with a 3.2% increase.

10 years of COLA increases:

2022 – 8.7%

2021- 5.9%

2020 – 1.3%

2019 – 1.6%

2018 – 2.8%

2017 – 2%

2016 – 0.3%

2015 – 0%

2014 – 1.7%

2013 – 1.5%