Here's What Your 2024 Social Security COLA Would Look Like If Raises Were More Closely Tied to Senior-Specific Expenses
Recently, the Social Security Administration announced that beneficiaries of the program will be getting a 3.2% cost-of-living adjustment, or COLA, for 2024. In light of 2023's generous 8.7% COLA, that raise reads like a disappointment. But actually, it's not a totally bad thing.
Social Security COLAs are tied directly to inflation. So a smaller COLA for 2024 is indicative of the fact that inflation levels have cooled over the past 12 months.
Still, one could argue that seniors on Social Security are getting a bit ripped off in 2024, and it's because of the way the program's COLAs are measured. In fact, some advocates claim recipients have been getting ripped off for years, which is why they're pushing for a big change in the way COLAs are calculated.
Source Fool.com
