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Why Most Women Will Get a Smaller COLA Boost than Men
To begin, neither Social Security administrators nor the law itself is biased against women. But women will get a smaller cost of living adjustment (COLA) than men in January 2024. Why? It’s actually simple, according to Kailey Hagen. Women earn less overall in their lifetimes. That means a smaller benefit, since benefits are tied to work history (highest 35 years in the calculation). Thus when the 3.2% COLA is applied, 3.2% of a figure already several hundred dollars less per month than men means a smaller “raise.” Full article here.