In retirement, Social Security helps millions of elderly people make ends meet; for a few, benefits are their only source of income.
Yet, program modifications may have an impact on your benefits, so it’s important to keep up with Social Security developments. There will be certain changes to be aware of as we approach 2024. Some of these might boost the quantity of your benefit, but others might not be as advantageous.
Recipients will typically get a cost-of-living adjustment (COLA) to maintain benefits in line with inflation. You should anticipate a 3.2% gain in 2024.
The bad news is that a lot less than the massive 8.7% hike from the previous year. Positively, though, a lesser adjustment indicates that costs have not climbed as much as they did the previous year since the COLA depends on inflation. Therefore, even if your checks will only be slightly bigger in 2024, everyday costs will also be more manageable.