Social Security buying power continues to decline despite projected COLA increase.
TL;DR Summary
The Senior Citizens League estimates that Social Security beneficiaries could receive a 3.1% cost-of-living adjustment (COLA) in 2024, down from the 8.7% COLA in 2023, due to cooling inflation. The COLA is based on the consumer price index for urban wage earners and clerical workers, which has failed to keep pace with rising costs for seniors. Advocacy groups suggest using a more accurate calculation, such as the Consumer Price Index for the Elderly or The Elder Index, to ensure seniors' purchasing power isn't eroded by inflation.
- Social Security cost of living adjustment to be smaller in 2024 USA TODAY
- Social Security benefits have lost 36% of buying power since 2000 CNN
- Next Year's Social Security COLA Projected to Be Less than Half of 2023 Raise Barron's
- Social Security update: Direct payment worth $914 arrives in 23 days Washington Examiner
- Social Security COLA could be 3.1% in 2024; buying power drops 36% since 2000 MarketWatch
Reading Insights
Total Reads
0
Unique Readers
11
Time Saved
4 min
vs 5 min read
Condensed
90%
854 → 86 words
Want the full story? Read the original article
Read on USA TODAY