Published December 18, 2023 11:37am EST
Small Social Security COLA could leave retirees struggling to get by next year
Social Security recipients to see 3.2% payment bump in 2024
By Megan Henney FOXBusiness
The modest cost-of-living bump in Social Security benefits next year could leave many retirees struggling to get by as they continue to battle still-high inflation that has rapidly eroded their purchasing power.
A new survey published by Atticus found that an overwhelming percentage of seniors collecting Social Security – about 62% – are dissatisfied with the 3.2% payment increase they will receive in 2024.
In fact, nearly three in five seniors reported struggling financially as the cost of everyday necessities like food, rent and medical care remains uncomfortably high, while about 20% of seniors receiving Social Security plan to seek employment next year due to the small increase.
Retirees reported concerns over rising utility, insurance, heating and food costs.
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https://www.foxbusiness.com/economy/small-social-security-cola-could-leave-retirees-struggling-get-next-year