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How is the Buying Power of your Social Security benefit? - Nasdaq
Social Security’s annual Cost of Living Adjustment (COLA) is intended to help recipients keep pace with inflation – but does it? The historic 8.7% increase in 2023 and the more moderate 3.2% COLA increase for 2024, were, without question, welcome news to seniors who rely on Social Security to make ends meet. And, while it’s far too early to accurately predict what next year’s COLA might be, early signs are that it may once again be in the 3% range. All good news, until you factor in the distinctly higher cost of nearly everything we buy. In reality, each person’s Social Security dollars have been losing buying power for decades. According to The Senior Citizen League, your Social Security dollar has lost about 36% of its buying power since the year 2000, as discussed in this Nasdaq article by Sean Williams.