Seniors on Social Security Might Have to Reduce Their Spending in 2024. Here's Why.
Many seniors get most of their monthly income from Social Security. And for some people, those benefits represent all of their retirement income.
That's not an ideal scenario. It's better to have a healthy nest egg to fall back on in retirement and let Social Security serve as just one of several sources of income. But for many seniors, those monthly benefits do a lot. And when those benefits increase, it gives seniors more buying power.
This may be the case today. Recent data from Bank of America shows that spending has picked up more among older Americans since November than any other age group.
Source Fool.com
