In a quirk of the calendar, Social Security beneficiaries are likely to miss out on another large improvement to their buying power in 2024, one year after seeing the largest annual cost-of-living adjustment in four decades.
Liu Guanguan / China News Service via Getty ImagesBut in a quirk of the calendar, Social Security beneficiaries are likely to miss out on another large improvement to their buying power in 2024, one yearIt’d be a blow to a group struggling with the soaring cost of every day items.
On the face of it, it's good news: The pace of price growth for fixed-income recipients is falling even faster than for the wider population.The wrinkle here is that the Social Security Administration calculates the next year's cost-of-living adjustment using the average of the CPI-W readings for July, August, and September.
According to the League's calculations, over the past three years or so, the average Social Security benefit fell behind by approximately $1,054 —"leaving 53% of retirees doubting they will recover because household costs rose more than the dollar amount of their COLAs," the League said.
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