The 3.2% cost-of-living adjustment in Social Security 2024 will hurt seniors amidst inflation.
Smaller Cost-of-Living Adjustment in Social Security 2024 Expected to Hurt Seniors Following Inflation
The small cost-of-living adjustment of only 3.2% in Social Security 2024 is expected to hurt seniors and other beneficiaries following the doubling inflation, wherein critics claimed that it was a lot smaller than the previous cost-of-living adjustment or if it was higher, the inflation was not that high as well.
According to a report published in the App, the cost-of-living adjustment would add only over $50 to the Social Security monthly check received by the seniors, which was only a small cost-of-living adjustment for struggling beneficiaries due to inflation and the increasing prices of groceries.
With the 3.2% cost-of-living adjustment across the country, the Social Security benefits amount became a big concern for seniors, claiming that the cost-of-living adjustment would not be enough to buy essential things, including groceries and bills, due to high prices.
Ways to Help Seniors Have Higher Benefits Following Small Cost-of-Living Adjustment in Social Security 2024
Following the small cost-of-living adjustment in Social Security 2024, critics claimed that officials should implement ways to help seniors have higher benefits, including changing how the cost-of-living adjustment was calculated or passing legislation that will adjust the benefits.
The 3.2% cost-of-living adjustment in Social Security 2024 will take effect in January, which received criticism from various individuals and groups demanding higher benefits for beneficiaries, CNN reported.
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