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Implications of a Drastic Drop in COLA

There’s been quite a bit of commentary this week regarding the 2024 expected cost-of-living adjustment for Social Security beneficiaries, much of it highlighting what statistically looks like a jump from projections publicized earlier this year. That’s good news, of course, but what sometimes gets lost in the shuffle is the fact that according to a recent Senior Citizens League (SCL) survey referencing the historic 8.7% increase for 2023, “54% of older Americans said the COLA didn’t keep up with inflation, and the same number of respondents said their household expenses went up by more than their benefit increases last year.” To read more about SCL’s comments on this subject, check out this post from MarketWatch reporter Alessandra Malito. Also, if you’d like to learn more about the COLA process itself, read yesterday’s AMAC Foundation post on this subject.

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