News Summary

• Americans born between the 21st and 31st of their birthday month will see the COLA boost in their payments on Wednesday, January 24.While the COLA will see payments boosted by 3.2 percent, the exact amount individuals see also depends on several factors..
• "Still, this year's continuing economic turbulence and high inflation on goods and services seniors use most has many weary that the payments won't be sufficient in 2024.Last year, the COLA was set at 8.7 percent, reflective of severe inflation on everything from groceries to housing..
• "The lower COLA for 2024 implies that the increase in Social Security payments might be insufficient to keep up with the escalating costs of essential goods and services," Jonathan Rosenfeld, the founder of Rosenfeld Injury Lawyers, which regularly represents seniors, told Newsweek..
• "For more than 85 years, Social Security has provided income protection for retirees, adults and children with disabilities, and families who lose a wage earner," Kilolo Kijakazi, the former commissioner of Social Security who served until December 20, 2023, said in a statement last month..
• "Seniors could encounter financial challenges, and the anticipated relief from the COLA might be more limited than what was experienced in the previous year..
• Her focus is reporting on consumer and social trends, spanning ... Read more To read how Newsweek uses AI as a newsroom tool, Click here..