Fifty percent of older Americans worry that their retirement pay won’t be sufficient to pay the basics in 2024, despite Social Security 3.2% increase

The fact that older Americans are still suffering from high prices suggests even a minor increase in their retirement income the following year may not offer much respite.

As a result of moderated inflation, the Social Security Administration (SSA) stated on October 12 that the Social Security cost-of-living adjustment (COLA) for 2024 would be 3.2% rather than [previous year’s 8.7% COLA](https://moneywise.com/retirement/social-security-cola-increase).

Beginning in January, beneficiaries will receive average monthly payouts that are over $50 more.

According to a recent poll conducted by The Senior Citizens League (TSCL), 56% of participants are concerned that their retirement income won’t be enough to meet the cost of necessities in the upcoming months. The new COLA is significantly higher than the 2.6% median over the previous 20 years, but most older Americans aren’t confident it’s enough.