Social Security’s Cost-Of-Living Increase Could Be only a Measly 3%

Seniors face a disappointing 3% Social Security cost-of-living adjustment (COLA) in 2024, a stark contrast to the previous year’s 8.7%. This rise, estimated by The Senior Citizens League, amounts to an underwhelming average monthly increase of less than $54. Despite inflation cooling down, seniors continue to grapple with high prices, notably in housing and healthcare. The current COLA calculation method is under scrutiny as it doesn’t accurately reflect the spending patterns of retirees. Many older individuals, burdened by healthcare costs, have deferred essential services, from dental work to medical prescriptions.