There will be no increase in Social Security next year

In the coming years, Social Security is likely to face a severe financial shortfall,

despite being an important lifeline for seniors.

The Social Security Administration announced on

Thursday that the cost of living adjustment (COLA) for 2024 will rise only

By 3.2 percent due to the cooling inflation this year.

Over 71 million beneficiaries of Social Security and

Supplemental Security Income will be affected by the change.

As COLAs are made annually, recipients will receive an

average of $50 per month more, while workers will receive

$1,907 in retirement benefits, up from $1,848 this year.

According to AARP, the increase could be around $59 per month.

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