As we’ve covered, the 2024 Social Security COLA is 3.2 percent. This amounts to about an extra $50 per year for retirees.
This cost-of-living adjustment accounts to roughly an extra $600 per year on average. It’s important to mention that this number could be higher or lower depending on a person’s financial history.
We want to know — how will you spend your additional benefits?
Some people will use them for standard budget items, like rent, utilities, and groceries. Others may put the money toward treats like personal vacations or gifts for others. Some may take that small increase and grow it through investing.
What will you do with the money? Treat yourself, invest, or something else? Share your thoughts with us in the comments.