The 2024 COLA was announced recently, and it’s important to ask how this will impact retirees. Older Americans have been waiting for significant change for quite some time, but will the new Cost-of-Living Adjustment really make a difference?
How Much is the COLA for 2024?
Every year in the Fall, the Social Security Administration announces the Cost-of-Living Adjustment for the following year. This number is based on projected inflation and is designed to help recipients cover costs in a shifting economy. Unfortunately, this increase does not account for many higher expenses for older Americans. While we saw much larger COLAs in the last two years, the 2024 COLA is only 3.2 percent.
Will Retirees Get Enough to Live On in 2024?
The sad fact is that COLA increases do not go far enough. This year is no different. For seniors dealing with increasing healthcare costs and high food and housing costs, 3.2 percent is simply not enough to make a significant difference. While any increase is appreciated by those struggling to get by, older Americans need to see real reform of the Social Security system.
Will There Ever Be Significant Social Security Reform?
It’s hard to say if the Social Security system will start doing better for Americans. That’s because things will only change if Americans demand it and if Congress takes action. We believe that it is possible. Learn what we are doing here, and please take a moment to sign our petition to let Congress know that American seniors deserve better.