Social Security’s COLA Tracks Working Households, Not Retirees. Here’s How Much Bigger 2024’s Raise Would Have Been.
You’ve likely heard by now that Social Security’s benefit payments will be 3.6% bigger beginning in January than they are now, reflecting the price inflation U.S. consumers have experienced over the past 12 months. If you’re already receiving Social Security retirement benefits, however, this annual cost-of-living adjustment (COLA) might be inadequate. That’s because anyone receiving…