The Social Security COLA in 2024 Comes With Good and Bad News for Retirees
Social Security benefits will get a 3.2% cost-of-living adjustment (COLA) in 2024. The most obvious upside is that beneficiaries will get a little extra income. For instance, the average retired worker will receive an additional $59 per month next year.
Similarly, the most obvious downside is that beneficiaries got a much bigger pay bump in 2023. The average retired worker received an additional $146 per month this year.
However, those are not the only pros and cons of the 2024 COLA. Retired workers should also consider the good news related to potential Social Security benefit cuts, as well as the bad news related to the purchasing power of benefits.
Source Fool.com
