In a little over a month, retirees who receive Social Security will get a raise. The average retired worker should see nearly $60 added to their monthly benefit. That translates to more than $700 next year.

This cost-of-living adjustment (COLA) will help offset the rising costs of goods and services. But will your 3.2% Social Security increase in 2024 be enough? Here's what history shows.

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Source Fool.com