Social Security announces 3.2% benefit increase for 2024

WASHINGTON – Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2% in 2024, the Social Security Administration announced Oct. 12. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

More than 66 million Social Security beneficiaries will see the 3.2% cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to approximately 7.5 million people receiving SSI will begin on Dec. 29, 2023. (Note: some people receive both Social Security and SSI benefits).

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