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Social Security Benefits Got a 3.2% COLA in 2024. Here's How That Compares to the 10-Year Average COLA

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Social Security Benefits Got a 3.2% COLA in 2024. Here's How That Compares to the 10-Year Average COLA: https://g.foolcdn.com/editorial/images/762925/social-security-3.jpg

Social Security benefits are protected from inflation by annual cost-of-living adjustments (COLAs). But some retired workers feel shortchanged by the 3.2% COLA in 2024. That figure is paltry when compared to the 8.7% boost in 2023 and the 5.9% COLA in 2022, and the rampant inflation of the last few years is still fresh in the minds of many Americans.

However, some perspective could help retired workers feel better about the latest benefit increase. Read on to see the average Social Security COLA over the last decade, and learn why a bigger COLA in 2024 could have been a bad thing.

Image source: Getty Images.

Source Fool.com

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