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How Scary Will The Upcoming COLA Drop Be?
“Sometimes the COLA [cost of living adjustment] works in the favor of Social Security recipients, and sometimes it doesn’t.” So says Vince Cariaga in this piece. With the latest inflation rate at 3% according to July data, Social Security recipients should expect something in that realm for 2024 and nothing akin to the 8.7% increase granted in January 2023. A 3% COLA would boost benefits an average of $53.60 per month. Whether one “gets ahead” sort of depends on how inflation runs in early 2024 when seniors will start spending new benefits with any COLA received. Full article here.
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