Retirees: Your 2024 Social Security COLA Will Be 3.2%
When it comes to income in retirement, tens of millions of Americans rely primarily on Social Security to help them make ends meet. Those who qualify count on receiving monthly checks from the program.
One of the best features of Social Security is that monthly benefits are adjusted for inflation each year. These cost-of-living adjustments, or COLAs, take effect each January. But the numbers that determine the final COLA amount come out each October. The government just released the final numbers necessary to make the calculation, and Social Security recipients can expect a 3.2% raise come the beginning of 2024. That's not as much as the 8.7% they got in the COLA that took effect in January 2023, but it'll still be useful to help cope with rising prices.
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Source Fool.com
