The new 2024 Social Security COLA Announcement will give seniors a slight boost to their monthly benefit checks. Some seniors say, it's still not enough to survive on.
As of Thursday morning, millions of seniors got a slight boost in their monthly social security checks. The Social Security Cost-of-living adjustment, or COLA, will give seniors a 3.2% increase in their monthly check. Some seniors, like 70-year-old Suzanne Mencer say the boost will still not be enough to live on by itself. With an increased cost-of-living, even the 2023 historical increase of 8.7% was not enough due to inflation.
The Social Security Administration says almost 50 million retired Americans get a check from them each month. On average, that check is about $1,848 for 2023. "Somehow that number of what it costs to live always stays ahead of what people have. I’ve been working on W2 type jobs since I was 16-years-old, and I’m amazed how it doesn’t add up after a while," says Mencer.
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