Sixty-two percent of retirees are disgruntled with the mere 3.2% Social Security cost of living inflation adjustment for 2024, a survey by The Motley Fool finds.

Inadequate Social Security benefits — which now average $1,907 a month — have prompted 44% to consider returning to work, while 71% have cut back on non-essential spending because inflation is making it hard to make ends meet.

The benefits are not even half the average $4,818 that Americans age 65 and older spent each month in 2022, according to The Motley Fool.

On top of this, only 54% of Americans had a retirement account in 2022. The average retirement savings balance of those 65 and older is $426,070, according to Edward Jones.