The Bad News About Social Security's 2024 Cost-of-Living Adjustment (COLA)
The Motley Fool
JULY 16, 2023
The fiercest inflation in four decades tore through the U.S. economy in 2022, and the rising cost of gas, groceries, and monthly utilities put many Americans in a difficult financial position. But retired workers on Social Security were hit especially hard, because the 5.9% cost-of-living adjustment (COLA) applied to benefits last year failed to offset inflation.
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