Social Security Recipients Are Getting a 3.2% COLA Next Year -- but Will You Get to Keep It All?
For months on end, seniors on Social Security have been wondering what sort of raise they'd be in line for come 2024. And we recently got an answer.
The official Social Security cost-of-living adjustment, or COLA, for 2024 is 3.2%. Now that's a much smaller raise than Social Security recipients got at the start of 2023, when benefits rose a whopping 8.7%. But because inflation has cooled nicely over the past 12 months, a smaller Social Security COLA for 2024 makes sense.
Meanwhile, a 3.2% COLA could raise the average monthly Social Security benefit of $1,848 to $1,907 in the new year. That's a $59 lift. But thanks to a change coming to Medicare, you may not get to keep your raise in full.
Source Fool.com
