Social Security recipients will notice a 3,2% COLA increase in 2024!
If you’re a Social Security recipient, I have amazing news for you: there will be a 3.2% increase in Social Security income in 2024. The new measure already started in January, and it will increase the average monthly retirement benefit that consumers will receive by almost $50. These increases are known as cost-of-living adjustments or COLA.
According to the Social Security Administration, Social Security recipients have already begun receiving the higher benefits on December 29th, 2023. Even though $50 might not seem like much for some people, that money can help millions of people keep up with expenses, pay the bills, or take better care of their families.
The COLA increase in 2024 was calculated based on an average of the inflation figures for July, August, and September. Moreover, this yearly adjustment is based on the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
In July, August, and September 2023, the CPI-W increased by 2.6%, 3.4%, and 3.6%, respectively. But the year 2024 brought some benefits to retirees who rely on their Social Security checks, especially since inflation doesn’t seem to go away any time soon.
The COLA increase in 2024 will be a huge help for millions of people in the United States, especially retirees who feel the sting when they purchase gas and groceries. Every dollar counts, especially in the uncertain times we live in today.
If you want to find out more about the COLA increase in 2024, keep reading, because we have some things to share with you!
