Jessica Hall is a retirement reporter for MarketWatch.
The cost-of-living adjustment for Social Security will rise 3.2% in 2024, compared with an 8.7% increase in 2023, according to the Social Security Administration.
COLA is not a raise – it merely helps the roughly 67 million Social Security beneficiaries catch up with inflationary pressures. Inflation was lower this year than last year, which means the inflation-adjustment for COLA is lower. The large COLA increases over the prior two years – 8.7% and 5.9% – have had some drawbacks in terms of taxes and other benefits.
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