Latest News
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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.