Social Security's COLA and Direct Payments: What You Need to Know
The Senior Citizens League (TSCL) predicts that the cost-of-living adjustment (COLA) for Social Security recipients in 2024 will be around 3.1%, significantly lower than the 8.7% increase in 2023. TSCL argues that cooling inflation may result in a smaller COLA increase that could have detrimental effects on beneficiaries, as Social Security benefits have lost about a third of their buying power since 2000. Seniors have different spending habits than younger generations, and the Consumer Price Index does not accurately reflect the rising costs of items that older Americans more frequently spend their money on, including prescription drugs, food, housing, or dental services.
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- COLA Social Security 2023 updates — Millions of recipients in line for $4,555 direct payments this week – s... The US Sun
- Social Security update: Direct payment worth up to $4555 goes out to millions in four days Washington Examiner
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