After months of speculation, the 2024 Social Security cost-of-living adjustment (COLA) has finally been announced by the Social Security Administration (SSA).

Per the SSA’s press release, benefits will increase by 3.2 percent in the coming year. This comes after a historic 8.7 percent increase in 2023, which broke 40-year records.

Today we’ll cover the implications of this increase, and consider whether it’s the type of boost that seniors deserve.

Is the 2024 Social Security COLA a Fair Increase?

NORA will be the first to say that seniors deserve any and all increases they receive for their benefits. As we’ve mentioned, these increases are not raises in the traditional sense. They’re more like adjustments, as the name COLA implies.

However, even last year’s historic boost fell short in the face of rising inflation. Even if rates have slowed, prices remain high. Given this increase is not even half of last year’s and the economy remains strained, it’s a less than ideal situation.

In the coming weeks, we’ll be releasing more content covering feedback about this announcement. We’ll also analyze how this adjustment will factor into senior expenses, and support retirement needs.

As of now, we want your feedback. What are your thoughts on this announcement? Given the amount of spending packages dispersed for various ends in government over the last year, should seniors have been made a higher priority? Why was this increase not as high as it should’ve been?

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