Over 74 million Americans are expected to receive a cost-of-living adjustment, or COLA, from Social Security in 2024 to account for inflation.
The boost in monthly Social Security payouts including necessities like food, shelter, medicinal products, and dental care is the positive aspect a lot of seniors were looking for.
An essential part of Social Security, COLA, is estimated annually to help maintain pace with inflation.
The cost of living adjustment in 2023 was around 9%, which was a record high for 4 decades.
Despite the 3% raise that will take effect in the coming year is low, it will still be more than the 2.6% annual growth that has occurred on average over the previous 20 years. The amount of money that retirees’ Social Security payments are reduced by costs like grocery bills will decrease as prices are predicted to decline.