Social Security COLA , Will Be 3.2% in 2024.<br />The Social Security Administration (SSA) made <br />the announcement on Oct. 12, CNN reports.<br />The cost-of-living adjustment <br />(COLA) for next year will be 3.2%.<br />That percentage is significantly lower <br />than the 8.7% increase for 2023 <br />and the 5.9% increase for 2022.<br />The boost, which is still higher than the <br />20-year average of 2.6%, is based on inflation <br />data from August-October, CNN reports. .<br />It’s a small amount, but it’s providing <br />some cushion. We have the hope that <br />things are going to be more affordable, Mary Johnson, Social Security policy analyst <br />at The Senior Citizens League, via CNN.<br />On Oct. 12, the Bureau of Labor Statistics <br />announced that the Consumer Price Index <br />rose 3.7% in September year over year.<br />Since 2000, Social Security recipients have <br />lost 36% of their buying power due to inflation, <br />according to a Senior Citizens League study.<br />In order to currently keep up with the <br />level of buying power in 2000, benefits <br />would need to go up by $517 monthly.<br />My income doesn’t leave me much <br />after paying bills and buying groceries. <br />I don’t know if I’ll ever have enough, Carl Brown, age 70, Social Security recipient in New York City, via CNN.<br />Approximately 71 million people depend <br />on Social Security benefits, CNN reports.
