Why 2024 Could Be Bleak for Retirees Relying on Social Security

Retirees are set to receive the biggest Social Security benefits boost in four decades. The 8.7 percent Social Security cost-of-living adjustment (COLA) for 2023 means the average retiree will receive an extra $146 each month. But an article by The Motley Fool, warns seniors not to expect another “raise” in 2024.

Financial experts are concerned there might not be a COLA if we experience a recession. That was the case in 2010 and 2011 following the Great Recession. Without a crystal ball, no one knows for sure what will happen, but senior advocates will be watching closely as the Federal Reserve continues trying to prevent a recession by inching up interest rates.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.