Shocking Survey Results: Over 60% of Seniors Outraged by 2024 Social Security Increase

Before its implementation, the 2024 Social Security COLA is already facing significant criticism from seniors. A substantial number of Social Security beneficiaries, nearly two-thirds according to a recent survey, are expressing dissatisfaction with the 3.2% increase for 2024. Another survey highlights that for many seniors, their monthly expenses on necessities have surged by 10% compared to the previous year.

Surveys Reveal Seniors’ Financial Struggles

The Senior Citizens League (TSCL), a bipartisan group advocating for senior citizens, conducted a survey revealing that inflation for critical budget items is outpacing the 3.2% COLA, sometimes by double. Mary Johnson, a policy analyst at TSCL, points out that expenses in areas like housing, vehicle insurance, and home care for the invalid are experiencing the most severe inflation. Another survey by the public interest law firm Atticus shows that 62% of seniors are unhappy with the 2024 COLA, with many struggling financially and considering employment to cope with the modest increase.

The Inadequacy of the 2024 COLA: A Closer Look

  1. Inability to Keep Up with Rising Prices: The TSCL notes that the inflation rates for several essential items are significantly higher than 3.2%. For instance, motor vehicle insurance has increased by 19.2%, outpatient hospital services by 7.30%, and rent by 6.90%.
  2. Pre-existing Financial Hardships Among Seniors: The Atticus survey reveals that a majority of seniors are already facing financial challenges with their current Social Security benefits. About 70% of single seniors are struggling, and nearly 40% are considering employment due to the modest COLA increase.
  3. Increased Medicare Premiums Reducing COLA Benefits: The rise in Medicare Part B premiums for 2024, which will be $174.70, up from $164.90, will further diminish the impact of the COLA increase.

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