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Will your COLA increase keep up with your healthcare costs?
Social Security beneficiaries will see an increase in their Social Security checks of 3.2 percent in 2024. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics. So, what does that mean to the average Social Security recipient? On average, beneficiaries should see more than $50 extra each month. However, is it enough to keep up with inflation? According to The Senior Citizens League, the “cost of items older adults spend most of their money on consistently outpaces COLA.” More Lee explores why the COLA boost will not help seniors with one of their biggest expenses. Read Ms. Lee’s article here…
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