2024 Social Security COLA Increase: Less Than Expected for Seniors and Veterans

The Social Security Administration has announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%, significantly lower than the 8.7% increase received this year. While still above the historical average, experts warn that the smaller adjustment may not keep up with rising inflation, potentially causing seniors and beneficiaries to fall behind financially. Many seniors report that their household budgets have increased more than the COLA, and the adjustment may not accurately reflect their actual spending. Additionally, the impact of annual Medicare premiums on Social Security benefits is a concern. Despite the COLA, poverty rates among older Americans are rising, and the stability of the Social Security program remains uncertain.