An Early Look at Social Security's 2024 COLA Isn't Promising: Here's How Big of a "Raise" You Can Expect.
For most retired Americans, Social Security isn't just some check that comes in the mail or is deposited into their checking account once monthly. Rather, it's a vital source of income that helps seniors make ends meet. The program is responsible for pulling nearly 22.5 million people out of poverty each year, 16.1 million of which are adults aged 65 and over. Further, since 2002, at least 80% of surveyed retirees have told national pollster Gallup that their Social Security benefit is a "major" or "minor" source of income.
Because of the important role Social Security plays in the financial well-being of seniors during retirement, there's arguably no event more anticipated than the program's annual cost-of-living adjustment (COLA) announcement during the second week of October.
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Source Fool.com
