Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year.
Analysts estimate the adjustment for 2024 will be around 3.2%.
Still, she said Social Security's annual cost-of-living increases provide some support as she and her husband plan out their non-working years. “The increases will be helpful, certainly to those of us who are still doing the math on retirement," she said. Charles Blahous, a former Social Security trustee, said the annual COLA announcement is a reminder about the program's stressed finances. “This is an important system, and we need to restore its solvency, because if lawmakers can’t do that, then Social Security and its basic financing design would have to be abandoned," he said.
Any change to the calculation would require congressional approval. But with decades of inaction on Social Security and with the House at a standstill after the ouster of Speaker Kevin McCarthy, seniors and their advocates say they don't have confidence any sort of change will be approved soon.
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