Social Security's 2024 COLA Is Shaping Up to Be a Good News/Bad News Scenario
In June, more than 49 million retired workers collected a Social Security check that averaged $1,837.29, according to the Social Security Administration. This may not sound like a big payday, but the monthly benefits received by eligible beneficiaries help to pull more than 15.3 million seniors aged 65 and over out of poverty each year.
More than two decades of annual surveys by national pollster Gallup find that between 80% and 90% of current retirees (at the time of the survey) rely on their Social Security income in some capacity to cover their expenses.
With so many Americans counting on Social Security to provide a financial foundation, it should come as no surprise that the program's annual cost-of-living adjustment (COLA), reported during the second week of October, is a highly awaited event each year. Based on early data, Social Security's 2024 COLA is shaping up to be something of a good news/bad news scenario.
Source Fool.com
