The 2024 Social Security Cost-of-Living Adjustment (COLA) Is Already Falling Short of Retirees' Needs. Will 2025 Be Better?
The Social Security cost-of-living adjustment (COLA) is designed to help retirees keep up with rising costs due to inflation. Unfortunately, that doesn't always work out, and 2024 is shaping up to be another disappointing year for seniors.
Retirees have seen their Social Security benefits lose 36% of their buying power from 2000 to 2023, according to research from The Senior Citizens League. That's actually an improvement from 2022, as a result of 2023's 8.7% COLA. But it looks like 2024's 3.2% COLA is failing to keep up with rising expenses yet again.
High inflation is particularly challenging for seniors, and some may be wondering if they'll get some reprieve in 2025. There's some good news and some bad news on that front.
Source Fool.com
