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Almost 40% of Seniors Return to Work Due to Low COLA
Are you among the almost 40% of seniors planning to return to work due to a low COLA in Social Security benefits? Read more about the dissatisfaction and financial distress faced by seniors, and the need for stronger measures to support them.
Are you among the almost 40% of senior citizens who are considering returning to work due to the low cost-of-living adjustment (COLA) in Social Security benefits for 2024? According to a recent survey by law firm Atticus, more than 60% of seniors are unhappy with the modest 3.2% increase in COLA from last year. This highlights the financial distress and dissatisfaction experienced by older adults, emphasizing the need for stronger measures to support them in the future. With rising costs of living, nearly two in five seniors plan to seek employment, and only just over half feel confident that Social Security can provide for their long-term needs. As the cost of essential expenses continues to rise, many seniors are concerned about the sustainability of their way of life, especially if Social Security is their primary source of income.
Almost 40% of Seniors Return to Work Due to Low COLA
Are you a senior citizen who is considering going back to work? According to a new survey conducted by law firm Atticus, almost 40% of seniors are planning to seek employment due to the low cost-of-living adjustment (COLA) increase in Social Security benefits for 2024. This modest 3.2% increase has left many seniors dissatisfied and facing financial distress. In this article, we will explore the findings of the survey and discuss the impact of the low COLA increase on senior citizens.
Survey Highlights Dissatisfaction and Financial Distress
The Atticus survey highlights the dissatisfaction and financial distress among senior citizens caused by the 3.2% COLA increase for 2024. More than 60% of seniors expressed their unhappiness with this small bump up from last year. These findings shed light on the need for more robust measures to support older adults in the future.
Senior Citizens Seeking Employment
The survey reveals that nearly 40% of seniors are planning to seek employment as a result of the modest COLA increase. Many seniors see employment as a way to supplement their income and make ends meet. This is especially true for single seniors, with 47% considering employment to supplement their income. Going back to work can have a significant impact on the financial stability and well-being of senior citizens.
Lack of Confidence in Social Security
Another concerning finding from the survey is the lack of confidence in Social Security among senior citizens. Only 52% of seniors reported having confidence in the program’s ability to provide for their long-term needs. This lack of confidence is particularly worrying considering the rising cost of living and the financial strain experienced by many seniors.
Impact of the 3.2% COLA Increase
The 3.2% COLA increase for 2024 may seem like a positive change, but it pales in comparison to previous years’ increases. In 2023, the COLA increase was a substantial 8.7%, the largest since 1981. This small increase of $55 per month on average may not be enough to cover the rising costs of essential expenses, leaving many seniors struggling to make ends meet.
Unhappiness with the COLA Increase
The survey found that 62% of seniors are dissatisfied with the 3.2% COLA increase for 2024. This dissatisfaction is a reflection of the financial strain caused by the low increase. Many seniors are already struggling financially, with almost 70% of single seniors facing financial difficulties with their existing Social Security income. The low COLA increase exacerbates these challenges and leaves seniors feeling unsupported.
Financial Struggles Among Seniors
The majority of seniors are facing financial struggles, with almost 60% already struggling financially. This is particularly true for single seniors, with 70% of them experiencing financial difficulties with their Social Security income. The lack of adequate support and the rising cost of living are making it increasingly difficult for seniors to maintain a decent standard of living.
Concerns About Rising Essential Costs
The survey highlights the impact of rising essential costs on seniors’ financial well-being. Insurance premiums, including health insurance premiums and car insurance premiums, have seen significant increases. Groceries, housing, and healthcare expenses have also become more expensive. Seniors worry that these increases may not be sustainable, especially if Social Security is their only or primary source of income.
Reduced Spending and Reliance on Assistance Programs
To cope with inflation and benefit changes, many seniors are forced to reduce their discretionary spending. This includes cutting back on non-essential items and activities. Additionally, seniors are increasingly relying on community resources and assistance programs to make ends meet. These changes in spending habits and reliance on external support pose challenges to seniors’ overall well-being.
Concerns About Future COLA Adjustments
Looking ahead, seniors express concerns about the adequacy of future COLA adjustments. Almost 70% of seniors believe that COLA adjustments may not keep up with the actual cost of living. This raises doubts about the long-term sustainability of Social Security and the ability of the program to provide for seniors’ needs in the future.
Lack of Confidence in Social Security’s Solvency
The survey findings also reveal a lack of confidence in Social Security’s solvency among seniors. 61% of seniors have low confidence in the program’s financial stability and long-term sustainability. This lack of confidence further contributes to their anxieties about their financial future and retirement planning.
In conclusion, the low COLA increase for 2024 has left many seniors dissatisfied and facing financial distress. Almost 40% of seniors are planning to seek employment to supplement their income. There is a lack of confidence in Social Security’s ability to provide for seniors’ long-term needs, and rising essential costs are causing financial struggles among seniors. As we look to the future, concerns about the adequacy of COLA adjustments and Social Security’s solvency persist. It is crucial to address these issues and provide better support for senior citizens in financial distress.
