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Experts say Social Security recipients will see an increase of about 3% next year

Posted at 9:43 PM, May 16, 2024

TULSA, Okla. — Experts estimate Social Security recipients will see an increase of about 3% next year.

The Cost of Living Adjustment (COLA) is in line with inflation.

600,000 Oklahomans get Social Security checks, including Jesse Gordon, of Collinsville.

“I budget monthly. So I know next month this is what I gotta do or this is what I can do. And when that’s not available, then I do without,” Gordon said.

Gordon is a Vietnam veteran, and lives on a fixed-income. Just like the rest of his fellow Oklahomans, he’s feeling the pinch of inflation.
“Every day. Cost is up,” Gordon said.

Starting next year, his Social Security checks could cover some of those inflated prices. Each year, the COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. Experts estimate that bump will be around 3%.

“You gotta pick and choose what you pay for,” Gordon said, “Whatever’s the most important thing for me in that month … I go for that. And then everything else is just wait and see.”

As a veteran, Gordon is part of a significant swath of people who benefit from Social Security.

In fact, the administration estimates that in 2023, 8 million veterans took Social Security benefits - making up about 14% of all people who are on Social Security.

That’s part of the costs he deals with.

Health issues, on top of living with PTSD, add to the stressors in Gordon’s life. He advises other seniors on Social Security to save as much as they can.

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