Inflation and rising prices have hurt how far retirement savings stretch and many Americans relying on Social Security benefits struggle to make ends meet. The average Social Security retirement payout for all retired workers as of January 2024 was $1,907, according to gobankingrates.com. Nearly three in five seniors collecting Social Security are struggling financially and 62% said the 3.2% cost of living adjustments (COLA) for 2024 is insufficient to cover their expenses and support their lifestyle. Recipients received increases of 8.7% for 2023 and 5.9% for 2022, which were the largest since the early 1980s because of record-high inflation.
Inflation and rising prices have hurt how far retirement savings stretch and many Americans relying on Social Security benefits struggle to make ends meet. The average Social Security retirement payout for all retired workers as of January 2024 was $1,907, according to gobankingrates.com. Earning above that average requires working longer and drawing benefits at full retirement age. Nearly three in five seniors collecting Social Security are struggling financially and 62% said the 3.
2% cost of living adjustments (COLA) for 2024 is insufficient to cover their expenses and support their lifestyle, a recent Atticus survey said. Beneficiaries saw an extra $59 monthly starting this January based on the 3.2% COLA for 2024. The adjustment is lower than in previous years because of moderating inflation. Recipients received increases of 8.7% for 2023 and 5.9% for 2022, which were the largest since the early 1980s because of record-high inflation. As of February 2024, these are the five states that received the most Social Security benefits, according to gobankingrate
Inflation Rising Prices Retirement Savings Social Security Benefits Struggling Seniors Cost Of Living Adjustments COLA Expenses Lifestyle Financial Struggle Record-High Inflation
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