Social Security benefits will increase by 3.2% in 2024 as inflation moderates
The acting Social Security commissioner says a 3_2% increase in benefits next year “will help millions of people keep up with expenses." WASHINGTON -- Millions of Social Security recipients will get a 3.2% increase in their benefit s 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 benefit s. Thursday's announcement follows this year’s 8.7% benefit increase , brought on by record 40-year-high i NFL ation, which pushed up the price of consumer goods. With i NFL ation easing, the n...