Why Your 2024 Social Security COLA May Not Be Much to Write Home About
The 8.7% Social Security raise seniors got at the start of 2023 has no doubt helped many retirees stay afloat and keep up with their living costs as inflation has continued to surge. That 8.7% cost-of-living adjustment, or COLA, was the largest to come down the pike in decades, well surpassing the 5.9% COLA seniors received at the beginning of 2022.
But while this year's COLA may be helping seniors on Social Security regain their financial footing, next year's raise might look very different. In fact, it has the potential to be negligible, or even nonexistent.
Many seniors routinely rely on Social Security to cover the bulk of their bills. And for some, those benefits are their only source of income. As such, many recipients depend on generous COLAs to maintain their buying power in retirement.
Source Fool.com
