78-year-old widow Janet Albrecht represents seniors facing 20% inflation-outpaced Social Security benefit losses; upcoming 2024 COLA may only be 2.6%.
78-year-old widow Janet Albrecht represents many senior citizens struggling with inflation-outpaced Social Security benefits. Since 2010, benefits have lost 20% of their buying power, and annual cost-of-living adjustments (COLAs) often fail to match inflation rates. According to The Senior Citizens League, seniors are forced to cut back on essentials, spend down retirement savings faster, and resort to credit card debt. The upcoming 2024 adjustment is predicted to be only 2.6%, which may not cover seniors' rising expenses.
August 14, 2024
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