Social Security's 2024 COLA Could Be Just 2.7%
Seniors who get most or all of their income from Social Security often struggle to make ends meet. That's because those benefits will generally replace about 40% of the typical senior's pre-retirement income, which isn't a lot. Many seniors wind up needing more like 70% to 80% of their former earnings to live comfortably.
But this year, Social Security recipients were thrown a bone in the form of an 8.7% cost-of-living adjustment, or COLA. That raise was the largest Social Security increase to come through in decades, and it's no doubt helped many seniors regain a bit of buying power.
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Source Fool.com
