A 3.2% boost for 2024?
We’re less than a month away from the announcement of the 2024 cost of living adjustment (COLA). Javier Simon explains how he arrives at a predicted 3.2% increase in benefits. Whatever the final calculation, all analysts agree it will be substantially less than the 8.7% COLA for 2023. Inflation has eased overall, though prices still continue to rise. Simon also notes Americans are losing hope on Social Security, with more than 50% saying they can no longer rely on it. Further, according to a survey by Allianz Life, 74% of adults said they cannot count on Social Security benefits as an effective component of a retirement income strategy. Full piece from Fox Business is here.