Millions of Social Security recipients will get a 3.2% 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 money every month beginning in January, the Social Security Administration said Thursday.
Thursday's announcement follows this year's 8.7% 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."Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices," AARP CEO Jo Ann Jenkins said.
There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings.
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Social Security benefits will increase by 3.2% in 2024 as inflation moderatesMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024.
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