Social Security Administration Announces 3.2% Cost-of-Living Adjustment for 2024
The Social Security Administration has announced a 3.2% cost-of-living adjustment for 2024. This adjustment is an annual measure taken to help benefits keep pace with inflation. Recipients of Social Security will observe the increase in their January checks.
This year’s benefit increase of 3.2% is comparatively lower than the record-high 8.7% cost-of-living adjustment seen by Social Security beneficiaries in response to the unprecedented inflation rates. Furthermore, it is also lower than the 5.9% cost-of-living adjustment for 2022.
The 3.2% increase aligns with the estimate provided by The Senior Citizens League, a nonpartisan senior group, in their report released last month.
Please note that this is breaking news. Stay tuned for any further updates.