How Much Will Social Security Benefits Rise In 2024? Here's What We Know
Social Security benefits typically rise every year thanks to the program's annual cost-of-living adjustment (COLA), which tries to ensure that retirees don't lose purchasing power due to inflation.
This year, retirees got an 8.7% increase in their benefits, one of the largest increases in roughly four decades thanks to soaring levels of inflation in 2022. While 2023 has just started, it's never too early to start looking at what the 2024 COLA might be.
While there's still a lot that needs to play out this year, here's what we know about the 2024 COLA and how much benefits could rise next year.
Source Fool.com
