Marley Jay is a business news reporter for NBC News Digital.
Social Security benefits will increase by 3.2% in 2024, the Social Security Administration announced Thursday morning. That adds about $50 monthly to the average retirement benefit consumers will receive beginning in January. The agency said increased payments to people receiving SSI will begin on Dec. 29. “Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, acting commissioner of Social Security.
Specifically, it’s based on the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics. The CPI-W rose 3.6% in July, 3.4% in August and 3.6% in September, according to the latest inflation data released by the bureau on Thursday. Inflation rocketed to 40-year highs in 2022 in the wake of a combination of pandemic stimulus payments, an increase in shopping and spending, and widespread supply chain problems.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
Read more »
COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
Read more »
COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
Read more »
Social Security’s COLA will rise 3.2% in 2024 vs. 8.7% in 2023Jessica Hall is a retirement reporter for MarketWatch.
Read more »
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. That's far less than this year’s historic boost and reflects moderating consumer prices. The Social Security Administration says recipients will get more money every month, beginning in January.
Read more »