Many seniors today look to Social Security as their primary source of retirement income. As such, many have been eagerly awaiting news of a 2024 cost-of-living adjustment, or COLA.

Last week, the Social Security Administration announced that 2024's COLA would be 3.2%. That takes the average monthly benefit of $1,848 up to $1,907 come January. But that doesn't tell the whole story.

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Source Fool.com