Social Security 2024: Mixed Results for Seniors

Social Security beneficiaries will receive a 3.2% cost-of-living adjustment (COLA) in 2024, but many seniors argue that it won't be enough to cover the rising costs of healthcare and other essential expenses. The Senior Citizens League reports that the cost of items commonly purchased by older adults consistently outpaces COLA, leading to increased financial strain. With poverty rates among Americans aged 65 and older on the rise, experts suggest planning ahead and exploring resources such as assistance programs and benefits to help alleviate the burden of healthcare costs.