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It’s the third-largest inflation adjustment in a decade, yet it’s sure to disappoint retirees struggling with still-rising prices. fizkes / Shutterstock.com
Social Security recipients who are struggling amid sustained inflation might feel let down by the Oct. 12 announcement from the Social Security Administration. After receiving an 8.7% increase in their benefits for 2023, Social Security recipients will see a significantly smaller cost-of-living adjustment (COLA) for 2024 — 3.2%. Meanwhile, the annual inflation rate is now running at 3.7%.
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