Social Security is going up 3.2% in 2024 — but over half of older Americans worry their retirement income still won’t be enough to cover the essentials. Here’s what experts say must change
Serah Louis
Sat, October 14, 2023 at 9:00 AM EDT·6 min read
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Social Security is going up 3.2% in 2024 — but over half of older Americans worry their retirement income still won’t be enough to cover the essentials. Here’s what experts say must change
Older Americans are still feeling the strain of high prices, which means a modest boost to their retirement income next year might not provide much relief.
The Social Security Administration (SSA) announced on Oct. 12 that the Social Security cost-of-living adjustment (COLA) will be 3.2% in 2024 — a much smaller figure than [last year’s 8.7% COLA]https://moneywise.com/retirement/social-security-cola-increase) thanks to moderating inflation.
Beneficiaries will see their monthly payments increase by more than $50 on average starting in January.
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The new COLA is well above the 2.6% average over the past two decades, but many older Americans aren’t convinced it’s enough — with a new survey from The Senior Citizens League (TSCL) revealing 56% of respondents worry their retirement income won’t cover the cost of essentials in the coming months.
“The older consumer’s dollar buys less than it did just a few years ago,” Mary Johnson, Social Security and Medicare policy analyst at TSCL, told Moneywise in an email. read more…
