Social Security’s Expected 2024 Cost of Living Increase Doesn’t Match Inflation

Social Security’s cost of living adjustment (COLA) was 8.7% in 2023, but 2024’s is expected to fall to 3.2%. Though it’s higher than most COLAs for the last 20 years, will it be enough to keep seniors afloat? Inflation was 3.7% for the year ending in August, and if the trend holds, the nearly 70 million seniors who collect Social Security will find their purchasing power eroded as the cost of living continues to rise. 

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