Mixed Reactions to Social Security 2024 Raise: Some Americans Express Frustration

Concerns are rising among seniors as Social Security is set to see a 3.2 percent increase in 2024, with many expressing dissatisfaction over the limited inflation adjustment. 

A recent report from Atticus reveals that 62 percent of the 400 surveyed Americans aged 62 and above are unhappy with the cost-of-living adjustment (COLA) for the coming year.

Financial advisor Christopher Hensley stated, “While the 3.2 percent COLA increase for 2024 sounds good on paper, it’s not quite cutting it for seniors.” 

Nearly three in five seniors are grappling with financial struggles, and 70 percent of single seniors are already finding it challenging to manage their existing Social Security income.

The implications of the modest COLA boost are significant, as around 40 percent of seniors plan to seek employment due to the limited increase, with 47 percent of single seniors considering employment to supplement their incomes.

Hannah Workman from Atticus emphasized that the COLA increase, though acknowledging inflation, falls short of the rise in essential living costs such as utilities, healthcare, and food.

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Assessing the Impact of COLA on Seniors’ Financial Security

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Concerns are rising among seniors as Social Security is set to see a 3.2 percent increase in 2024, with many expressing dissatisfaction over the limited inflation adjustment.

Hensley argued that the Consumer Price Index (CPI) doesn’t fully capture the reality for older adults, suggesting that the CPI-E (for the elderly) would be a more accurate reflection of their spending patterns.

Drew Powers, founder of Powers Financial Group, highlighted the importance of ensuring Social Security payments keep up with inflation, especially given seniors’ higher spending on medical care. 

The current COLA increase might not fully account for the everyday grocery expenses that seniors typically face due to inflation.

In extreme cases, the modest COLA bump could lead some seniors to consider delaying retirement. 

However, financial educator Drew Stevens emphasized the need for retirees to plan early, cautioning that many Americans approaching retirement age rely heavily on Social Security as a main income source.

Seniors themselves express frustration, with Dmitriy Shelepin, CEO of Miromind, stating, “I find the 3.2 percent COLA increase deeply concerning and inadequate. 

It’s a slap in the face to those who dedicated their lives to building our society and deserve a dignified retirement.”

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