Social Security Recipients Face Limited Buying Power Boost in 2024

Social Security recipients may face a limited increase in their purchasing power in 2024.

[{"selector":"#anim-32e0d769-5922-41e8-9a88-bc0656bc2bbf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-263f716c-f196-4dfe-8286-e0b707e1be0f","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Inflation is decreasing, but it may not benefit Social Security beneficiaries significantly. Inflation is decreasing, but it may not benefit Social Security beneficiaries significantly. CREDIT GETIMAGE

[{"selector":"#anim-9943ab6a-e64d-4164-a324-b8a3ebb446af [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Rising everyday costs pose a challenge for vulnerable Social Security recipients. Rising everyday costs pose a challenge for vulnerable Social Security recipients. CREDIT GETIMAGE

[{"selector":"#anim-4230b61a-b2c7-4f1b-adb2-941cc31e2a82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The Consumer Price Index drop of 3.6% affects the cost-of-living adjustment for Social Security. The Consumer Price Index drop of 3.6% affects the cost-of-living adjustment for Social Security. CREDIT GETIMAGE

[{"selector":"#anim-7a8085e5-4986-47f0-8983-258517ebe02a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The method used to calculate the adjustment might not accurately reflect the expenses of fixed-income recipients. The method used to calculate the adjustment might not accurately reflect the expenses of fixed-income recipients. CREDIT GETIMAGE

[{"selector":"#anim-af8fef7b-1ea2-4550-9671-a29a20e3c9d9","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The Social Security Administration's calculation might lead to a small adjustment in 2024, failing to capture full price increases. The Social Security Administration's calculation might lead to a small adjustment in 2024, failing to capture full price increases. CREDIT GETIMAGE

[{"selector":"#anim-168730a7-f3ae-4ae2-90cb-318b9b04cb77 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Predictions indicate a 2.7% increase in 2024, significantly lower than this year's bump. Predictions indicate a 2.7% increase in 2024, significantly lower than this year's bump. CREDIT GETIMAGE

[{"selector":"#anim-7d335814-097c-4b03-ba07-5dc858b93005 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Social Security beneficiaries have fallen behind by approximately $1,054 over the past three years. Social Security beneficiaries have fallen behind by approximately $1,054 over the past three years. CREDIT GETIMAGE

[{"selector":"#anim-e76caf9a-148c-4045-8b79-17cdfe9cddb4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Collaborative efforts are necessary to protect older Americans from poverty caused by inadequate COLA increases and surging prices. Collaborative efforts are necessary to protect older Americans from poverty caused by inadequate COLA increases and surging prices. CREDIT GETIMAGE

Social Security Recipients Face Limited Buying Power Boost in 2024

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Social Security Recipients Face Limited Buying Power Boost in 2024

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Social Security recipients may face a limited increase in their purchasing power in 2024.

Social Security recipients may face a limited increase in their purchasing power in 2024.

Social Security Recipients Face Limited Buying Power Boost in 2024

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