<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Social Security recipients to get 3.2% cost-of-living adjustment on 2024 benefits check"/><p class="gnt_ar_b_p">Social Security checks <a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2023/10/12/2024-social-security-cola/71131575007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">will increase next year</a>, but for retired staffing company executive Lou Scrivani, 76, the bump won't even be enough to cover increases in his health care costs, much less the inflated prices of everything else over the past year.</p><p class="gnt_ar_b_p">Starting in January, more than 66 million beneficiaries of the program will receive a <a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2023/10/12/2024-social-security-cola/71131575007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">cost-of-living adjustment, or COLA, of 3.2%</a>, averaging out to more than $50 extra each month. </p><p class="gnt_ar_b_p">COLA is meant to help Americans keep up with <a target="_blank" href="http://www.usatoday.com/story/money/2023/10/12/september-cpi-report-live-updates/71141644007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">inflation</a> so they can maintain their standard of living year to year. But the hikes are falling short, many seniors say. The cost of <a target="_blank" href="https://seniorsleague.org/80-percent-of-retirees-want-better-inflation-protection/#:~:text=According%20to%20annual%20research%20by,2022%2C%20when%20gasoline%20prices%20soared." data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">items older adults spend</a> most of their money on consistently outpaces COLA, according to The Senior Citizens League, a nonprofit advocate for older adults. The biggest expense is <a target="_blank" href="http://www.usatoday.com/story/news/health/2023/10/18/cost-of-health-insurance-up-inflation-down/71161250007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">health care</a>.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">Even with COLA “we will not net enough to keep up with current <a target="_blank" href="http://www.usatoday.com/story/money/2023/10/12/september-cpi-report-live-updates/71141644007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">inflation</a>,” said Scrivani, who lives in Delaware.</p><h2 class="gnt_ar_b_mt">Show me the math </h2><p class="gnt_ar_b_p">This is how Scrivani does the math for himself and his wife: </p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:7|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><p class="gnt_ar_b_p">Total monthly <a target="_blank" href="http://www.usatoday.com/money/blueprint/retirement/cost-of-living-increase/#:~:text=How%20does%20the%202024%20COLA,%2Dyear%20average%20of%202.6%25." data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">COLA increase</a> for both: about $135.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p"><strong>LESS:</strong></p><p class="gnt_ar_b_p">◾ Medicare<a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2023/10/13/2024-medicare-part-b-premiums-cost-goes-up/71169822007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a"> Part B monthly increas</a>e: about $10 x 2 = $20 </p><p class="gnt_ar_b_p">◾ Drug plan increase: $25.70 x 2 = $51.40</p><p class="gnt_ar_b_p">◾ Medicare supplement increase: $10 total </p><p class="gnt_ar_b_p">That means from the $135 monthly COLA increase, the Scrivanis keep about $53.60. The deductible on their drug rose $60, however.</p><aside class="gnt_em gnt_em_anc" id="gnt_atomsnc" data-g-r="lazy" data-gl-method="loadAnc" aria-label="Newsletter signup form"/><p class="gnt_ar_b_p">“So goodbye $53 increase,” Scrivani said. “With current inflation rates, that puts us in negative...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2023/11/05/social-security-2024-cola-increase-not-enough/71428129007/">Read more <span>➤</span></a> </div>
