The 4 Most Important Facts About Social Security in 2024
Tens of millions of people get Social Security benefits. Many of them rely on the program to provide all or the vast majority of their income in retirement. That makes it crucial to understand how much you'll get from Social Security, even though the program can be complex and hard to navigate.
Fortunately, each year, Social Security recipients can count on changes to the program that work in their favor. Unfortunately, there are sometimes a few offsetting negatives that can cost participants some of their benefits. Below are four facts about how Social Security is changing in 2024 and what it could mean for you and your family.
One of the most important things about Social Security is that its benefits are adjusted each year to keep up with inflation. The annual cost-of-living adjustment, or COLA for short, reflects changes in prices as measured by the Consumer Price Index. The average reading of the particular gauge of inflation that the Social Security Administration uses for the months of July, August, and September was 3.2% higher than in the corresponding period in 2022.
Source Fool.com
