Disappointed With Your 3.2% Social Security COLA? Here's Why You Shouldn't Be.
After many months of speculation, there's finally an answer on the Social Security COLA (cost-of-living adjustment) front. In 2024, Social Security benefits will rise 3.2%. Estimates had floated around in the 3% to 3.5% range, so the official COLA shouldn't really come as a shock to anyone who's been following that news.
Of course, many seniors are apt to be disappointed with a 3.2% COLA given that 2023's raise was so generous. Earlier this year, Social Security benefits got an 8.7% boost -- the largest raise to arrive in decades. So by comparison, 3.2% seems negligible.
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Source Fool.com