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We're Less Than a Month Away From a Major Social Security Announcement

TheMotleyFool

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We're Less Than a Month Away From a Major Social Security Announcement: https://g.foolcdn.com/editorial/images/748061/social-security-cards-5_gettyimages-641228186.jpg

Social Security serves as a financial lifeline for millions of retired seniors. As such, many seniors are eager to know what next year's cost-of-living adjustment, or COLA, will look like.

COLAs were implemented to help ensure that seniors on Social Security can maintain their buying power as inflation drives the cost of living up. In 2023, Social Security recipients got an amazingly large 8.7% COLA on the heels of a stretch of rampant inflation. And seniors are no doubt hoping for an impressive COLA in 2024.

Image source: Getty Images.

Source Fool.com

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