In just a couple of weeks, every retiree who receives Social Security benefits will get a raise. Beginning in 2024, monthly payments will increase by 3.2%.

This is an annual rite of passage for Social Security recipients. The Social Security Administration (SSA) calculates the cost-of-living adjustment (COLA) for the next year in October, with the increase going into effect in the following January.

But the coming new year might not be as happy as it could be for retirees. There's a big problem with the 2024 Social Security COLA.

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Source Fool.com