2024 Social Security Boost: Smaller Increase for Senior Citizens
TL;DR
The Social Security Administration has announced that Social Security beneficiaries will receive a 3.2% increase in their benefits in 2024, resulting in an estimated average monthly retirement benefit increase of $50. This adjustment is lower than this year's record-setting 8.7% increase and the 5.9% increase for 2022. The adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers and comes at a time when many retirees are still grappling with higher prices.
Topics:top-newssocial-security#benefits#cost-of-living-adjustment#inflation#retirees#social-security
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