The U.S. Social Security Administration lifted its cost-of-living adjustment for 2024 by 3.2%, the smallest increase since 2020.
The U.S. Social Security Administration slashed its cost-of-living adjustment for 2024 Thursday, reflecting the sharp pullback in overall inflation,a 3.2% increase in the cost-of-living for benefits beginning in January
That 2024 increase would mark the smallest pensioner boost since the pandemic, and comes in firmly shy of the 8.7% increase, which was the largest since 1981, implemented last year. "We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important. Social Security has been the foundation for financial security for hundreds of millions of people in our nation - and today's announcement shows that it's continuing to deliver on this promise," she added.
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