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Here's Why Retirees Receiving Social Security Aren't Really Getting a Raise Even Though Benefits Are Rising

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Here's Why Retirees Receiving Social Security Aren't Really Getting a Raise Even Though Benefits Are Rising: https://g.foolcdn.com/editorial/images/755238/retiree-reviewing-finances.jpg

Retirees receiving Social Security are getting a cost-of-living adjustment (COLA) in 2024. This means more money will be coming in their checks each month. Specifically, retirees will get a 3.2% bump in their retirement benefits.

This COLA is often referred to as a raise, but it's not that simple. Here's why.

Image source: Getty Images.

Source Fool.com

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