COLA (cost of living adjustment) for Social Security has been around 1%-3% increase over many years with the exception of the last three. Because the Federal Feds Rate has gone up so much over the past three years, we all know the cost of everything has increased. COLA over the past three years has ranged from 5.9% to 8.7%, those are huge increases. Not only are current Social Security recipients getting that increase, it has also been added to the record of all of us who are still paying into the system. This gravy train is about to end.

COLA will be going back to the average of 3%, here is what the increase will look like:

3% COLA in 2024 means the average retired worker would receive an extra $55.12 in monthly benefits, while spouses would get an additional $26.79, survivors would get $43.56 more, and disabled workers would get an additional $44.59 per month.

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