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The Social Security cost-of-living adjustment for 2024 will be 3.2%, far below the 8.7% increase older Americans received this year. The smaller increase would reflect the cooling of consumer prices, but inflation is an ever-present risk that should be a consideration in your retirement plan. Although Social Security is adjusted annually for inflation, it will cover only part of your spending in retirement. Over a retirement that could last several decades, inflation can erode the buying power of your other assets, forcing a quicker spend-down and threatening your standard of living. For example, a retirement portfolio valued today at $250,000 would buy the same amount of goods as $137,000 in 2000. “In …
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