Social Security recipients will see a cost-of-living increase of 3.2% in 2024
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 annual increases are called cost of living adjustments, or COLAs.
The agency said people on Social Security will start getting the increased payments 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, the acting commissioner of Social Security. SSI is Supplemental Security Income.
The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it’s based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, published by the Bureau of Labor Statistics.
The CPI-W rose 2.6% in July, 3.4% in August and 3.6% in September, according to the latest inflation data the bureau released Thursday.
“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. We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important,” Jo Ann Jenkins, the CEO of AARP, the nonprofit organization formerly known as the American Association of Retired Persons, said in an emailed statement.
