As of Thursday morning, millions of seniors got a slight boost in their monthly social security checks. The Social Security Cost-of-living adjustment, or COLA, will give seniors a 3.2% increase in their monthly check.
Some seniors, like 70-year-old Suzanne Mencer say the boost will still not be enough to live on by itself.
With an increased cost-of-living, even the 2023 historical increase of 8.7% was not enough due to inflation.
Mencer works full time and does not plan on quitting anytime soon, “I have never retired and quite frankly the outlook, is that I will never be able to retire.”
She says her social security check is not enough to pay her bills and live comfortably.
WHAT RETIREES NEED TO KNOW
The Social Security Administration says almost 50 million retired Americans get a check from them each month. On average, that check is about $1,848 for 2023.
“Somehow that number of what it costs to live always stays ahead of what people have. I’ve been working on W2 type jobs since I was 16-years-old, and I’m amazed how it doesn’t add up after a while,” says Mencer.
Wake Forest Finance Professor Ajay Patel says it can be a tough situation with the new increase, since the new COLA percentage reflects the current inflation numbers.
“If for whatever reason inflation spikes again then the COLA they’re going to get is going to be less than the actual price increase in ‘24; and that’s going to hurt them.”
But even a bump in pay will not cover all the expenses for some retirees. Mencer says she sees more seniors looking for jobs.
“There’s lots of seniors out there looking for a way to supplement their social security. No it takes all the money you have to sit around and not work anymore.”
Seniors could start seeing the new bump at the end of December.
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