The cost of living will increase for Social Security recipients in 2024

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Billions of Social Security recipients will experience a more reasonable 3.2% increase in payments for 2024, in line with the moderation of consumer prices, compared to this year’s extraordinary surge.

The Social Security Administration announced that, beginning of January, the typical beneficiary will get an extra $50 or more each month due to the Cost-of-Living Adjustment (COLA).

This adjustment follows an unprecedented 8.7% benefit rise this year, which was mostly responsible for the cost of consumer items due to 40-year-high inflation rates. But when inflation gradually declines, the upcoming yearly gain will be substantially less.

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