The Social Security Administration announced a 3.2 percent cost of living adjustment (COLA) for 2024, but a new survey conducted by The Senior Citizens League (TSCL) indicates that older adults are pessimistic about their finances in coming months and the growing potential for Social Security benefit cuts.
A COLA of 3.2 percent would raise an average monthly retiree benefit of $1,790 by $57.30.
However, 68 percent of survey participants report that their household expenses remain at least ten percent higher than one year ago, despite slowing inflation. This situation has persisted over the past 12 months, according to the TSCL, an advocacy organization that tracks and forecasts COLA adjustments.
Worry that retirement income won’t be enough to cover the cost of essentials in the coming months is a top concern of 56 percent of survey respondents, says the TSCL. Social Security benefit cuts are an even bigger concern, ranked as the number one worry by nearly 6 out of 10 survey participants (59 percent). Read the full report.