3 Things to Know About Social Security COLAs
Many seniors get the bulk of their income from their monthly Social Security benefits. So naturally, Social Security recipients tend to hope for a large cost-of-living adjustment, or COLA, from one year to the next.
In 2023, Social Security recipients got an 8.7% COLA. But 2024's COLA is going to be much smaller.
The Social Security Administration (SSA) just announced that in the new year, benefits will only be rising by 3.2%. When we factor in an uptick in the cost of Medicare Part B, it's going to leave seniors with a much less robust raise than they received earlier this year.
Source Fool.com
