Social Security COLA Set at 3.2% for 2024, Lower Increase Than Prior Years
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Social Security's cost-of-living adjustment for 2024 will be 3.2%, much lower than 2022's 8.7% COLA.
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The average monthly retirement benefit will increase by about $50 to $1,907.
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Some seniors report falling behind as COLAs don't match their actual spending increases.
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Medicare Part B premiums will likely reduce the net COLA increase retirees see.
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More seniors are falling into poverty despite recent large COLA increases.
