Small Social Security COLA could leave retirees struggling to get by next year

foxbusiness.com:

Sen. Bill Cassidy, R-La., discusses how senators are considering raising the retirement age to 70 on ‘Maria Bartiromo’s Wall Street.’

The modest cost-of-living bump in Social Security benefits next year could leave many retirees struggling to get by as they continue to battle still-high inflation that has rapidly eroded their purchasing power. 

A new survey published by Atticus found that an overwhelming percentage of seniors collecting Social Security – about 62% – are dissatisfied with the 3.2% payment increase they will receive in 2024.

In fact, nearly three in five seniors reported struggling financially as the cost of everyday necessities like food, rent and medical care remains uncomfortably high, while about 20% of seniors receiving Social Security plan to seek employment next year due to the small increase. 

Retirees reported concerns over rising utility, insurance, heating and food costs. 

INFLATION RISES 0.1% IN NOVEMBER, SLIGHTLY MORE THAN EXPECTED

More than 66 million Americans collecting Social Security will receive the bigger payments beginning in January.

The payment boost marks a steep decline from 2023, when recipients received an 8.7% bump, the highest in four decades. However, it remains higher than the 2.6% average increase recorded over the past two decades.

An increase of this magnitude will raise the average retiree benefit of $1,907 by about $59 per month.

HOUSING AFFORDABILITY PLUMMETS TO LOWEST LEVEL SINCE 2007 AS PRICES JUMP

But even with the payment increase, retirees say they are worried about keeping up with stubbornly high inflation. Although the consumer price index has fallen considerably from a peak of 9.1%, it remains above the Federal Reserve's 2% target. 

On top of that, prices