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

Surveys Reveal Seniors Financial Struggles

According to a survey by the nonpartisan elderly adults League (TSCL), which advocates for elderly adults, inflation is sometimes twice as high as the 3.2% COLA for essential budget goods. Policy analyst Mary Johnson of TSCL notes that the most severe inflation is occurring in areas such as housing, auto insurance, and home care for the elderly. According to a different survey conducted by the public interest law firm Atticus, 62% of seniors are dissatisfied with the 2024 COLA; many of them are having financial difficulties and are thinking of taking a job to make ends meet.

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.