Almost 40% of Seniors Are Going Back to Work Due to Low COLA. Are You?

Social Security benefit amounts adjust for inflation every year, but the small cost-of-living bump for 2024 might not be enough for most seniors, new survey shows.

A Social Security card is partially obscured and surrounded by cash.
(Image credit: Getty Images)

Almost 40% of senior citizens plan to seek employment due to the modest 3.2% cost-of-living (COLA) increase in Social Security benefits for 2024, according to a new survey by law firm Atticus. More than 60% are unhappy with the bump up from last year.

The survey highlights this demographic's notable dissatisfaction and financial distress due to the modest 2024 cost-of-living adjustment (COLA). It also sheds light on the pressing need for more robust measures to support older adults in the future. 

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.