4 Social Security Changes Retirees Need to Know About in 2024
Because Social Security has been around for so many years, you may be inclined to assume that the program doesn't really change from one year to the next. But actually, there have been a lot of big changes to take place with Social Security in 2024. Here are a few items of importance to keep in mind, as they might impact you even if you're not yet receiving benefits from the program.
Each year, Social Security benefits are eligible for a cost-of-living adjustment, or COLA, the purpose of which is to help recipients maintain their buying power as inflation drives the cost of living up. In 2024, Social Security recipients got a 3.2% COLA.
That's considerably smaller than the 8.7% COLA that came through in 2023. However, it's also a sign that inflation has cooled over the past year.
Source Fool.com
