Social Security Administration recently announced that their benefits will increase by 3.2% in 2024.
Millions of retirees, children, and disabled US residents will get a 3.2% increase in their 2024 Social Security benefits
Time to Start
These benefits will start from January 2024 as an average monthly budget of $50
The agency responsible for Cost-of-Living Adjustments (COLA) announced that individuals receiving Social Security will begin receiving the enhanced payments starting on December 29
According to the latest inflation data, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) saw increases of 2.6% in July, 3.4% in August, and 3.6% in September
Retirees can rest a little easier knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices.
The agency states that individuals who retired prior to 2000 would require an extra $500 in monthly benefits simply to regain the purchasing power they possessed in the year 2000