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A 3.2 percent increase is coming to Social Security and Supplemental Security Income benefits in 2024.
Posted October 12, 2023
Social Security beneficiaries will see a 3.2 percent increase in their benefits in 2024, according to an announcement made by the Social Security Administration on Thursday.
On average, beneficiaries will see an increase of more than $50 per month.
More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Approximately 7.5 million people will begin receiving increases in their Social Security Income on December 29, 2023, according to a release.
In 2022, the adjustment for benefit boosts was 8.7 percent.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) calculates the annual COLA as determined by the Department of Labor’s Bureau of Labor Statistics.
View the full release, here.
