Social Security announces a 3.2% cost of living adjustment

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Social Security recipients see one 3.2% increase in their performance in 2024, the Social Security Administration announced Thursday.

The annual cost of living adjustment for 2024 will affect more than 71 million recipients of Social Security and Supplemental Security Income. These benefit adjustments are made annually to ensure benefits keep pace with inflation.

How much can retirees expect?

The change results in an estimated increase in Social Security benefits by an average of $50 per month. According to the Social Security Administration, the average monthly retirement benefit for workers will be $1,907, up from $1,848 this year.

Most Social Security recipients will see an increase in their monthly checks starting in January. SSI beneficiaries will see their December checks increase.

How much the increase in Social Security checks will be for retirees will also depend on the level of the 2024 Medicare Part B premium, which has not yet been announced.

Typically, Medicare Part B premium payments are deducted from Social Security checks. Medicare trustees have projected that the average monthly premium could be $174.80 in 2024, up from $164.90 in 2023.

Comparison of COLA 2024

Older Americans “still feel the pain” of inflation

The adjustment in 2024 comes as many retirees are still struggling with higher prices.

“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to keep up with rising prices,” AARP Executive Director Jo Ann Jenkins said in a statement.

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