Social Security benefits will increase by 3.2% in 2024 as inflation moderates

WASHINGTON (AP) — 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.

About 71 million people — including retirees, disabled people and children — receive Social Security benefits.

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.