How much will social security increase in 2024?

How much will social security increase in 2024?

The Social Security cost-of-living adjustment (COLA) for 2024 was 3.2%. This means that most Social Security retirement and Supplemental Security Income (SSI) payments increased by more than $50 per month starting in January 2024.

Here are some details about the 2024 COLA:

• It is based on the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W), which measures inflation based on the spending habits of urban wage earners and clerical workers.
• The 3.2% increase reflects a moderate rate of inflation compared to the previous year, where the COLA was a historic 8.7%.
• While the average monthly increase is over $50, the exact amount varies depending on the individual's benefit level.
• The COLA also applied to other Social Security benefits like survivor benefits and disability benefits.