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