Disappointed by Your Small Social Security Raise in 2024? Here's Why You Shouldn't Be
With the new year getting underway, your 2024 Social Security checks will look a little different. They should be higher as a result of the Cost of Living Adjustment seniors received this year.
Social Security cost of living adjustments (COLAs) happen in most but not all years. Unfortunately, you may be disappointed this year because your benefits increased by just 3.2%. That's a lot smaller than the 8.7% benefits increase last year, and also quite a bit smaller than the 5.9% raise the year prior.
It may seem like a bummer to get a smaller benefits bump, but there are actually a few reasons you shouldn't be disappointed in how much extra you're getting. Here's what they are.
Source Fool.com
