Social Security beneficiaries are having a hard time keeping up with inflation this year despite 2023's higher-than-normal cost-of-living adjustment. Beneficiaries received approximately $140 more in their paychecks this year to help offset high inflation.
Beneficiaries received approximately $140 more in their paychecks this year to help offset high inflation. But as costs continue to rise, Social Security recipients have seen a 36% drop in their buying power since 2000, according to research from the nonpartisan Senior Citizens League.In order to live as well on Social Security benefits in 2023 as they did in 2000, retirees would need an extra $516.70 per month, the group found.
Next year's increase is expected to be smaller than January's, with experts predicting the COLA to go up by 3.1% in 2024, compared to 8.7% in 2023. But the estimates are expected to change.
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