Social Security benefits will increase by 3.2% in 2024 as inflation moderates
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024
By FATIMA HUSSEIN
Published - Oct 12, 2023, 08:47 AM ET
Last Updated - Oct 12, 2023, 08:47 AM EDT
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.
