Millions of Social Security recipients in the US will get a 3.2 percent increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices.
Millions of Social Security recipients in the US will get a 3.2 percent increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices . The cost-of-living adjustment, or COLA, means the average recipient will receive more than $50 more every month beginning in January, the Social Security Administration said Thursday. The AARP estimated that increase at $59 per month.
“This will help millions of people keep up with expenses,” said Kilolo Kijakazi, Social Security’s acting commissioner. About 71 million people—including retirees, disabled people and children—receive Social Security benefits. The announcement follows this year’s 8.7 percent benefit increase, brought on by record 40-year-high inflation, which pushed up the price of consumer goods. With inflation easing, the next annual increase is markedly smaller. “Compared to last year’s
Social Security Benefit Increase Consumer Prices Inflation Expenses
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