Social Security 2024: Controversial Increase Leaves Retirees Struggling
Starting in January, Social Security recipients will see a 3.2% increase in their monthly benefit checks, resulting in an average monthly retirement benefit of $1,907. However, this increase is lower than the previous year due to falling inflation. Many Americans, especially seniors, continue to struggle financially despite the slowdown in inflation, with housing costs being a major concern. The annual cost-of-living adjustment (COLA) is calculated based on inflation readings for July, August, and September. The Senior Citizens League estimates that Social Security benefits have lost over 30% of their purchasing power since 2000. The current formula for setting the COLA does not adequately account for categories that impact seniors, such as healthcare costs.