Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.The cost-of-living adjustment, or COLA, means the average recipient will receive more than $50 more every month beginning in January, the Social Security Administration said Thursday. The AARP estimated that increase at $59 per month.
Nancy Altman, president of Social Security Works, an advocacy group for the social insurance program, said that the COLA is a “reminder of Social Security’s unique importance' and that “Congress should pass legislation to protect and expand benefits.”But the program faces a severe financial shortfall in coming years.The annual Social Security and Medicare trustees report released in March said the program’s trust fund will be unable to pay full benefits beginning in 2033.
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Senior citizens will see a much smaller Social Security boost for 2024Social Security recipients will receive an annual cost-of-living adjustment of 3.2% for 2024, a much smaller increase than the inflation-fueled boosts of the past two years.
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Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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Social Security’s COLA will rise 3.2% in 2024 vs. 8.7% in 2023Jessica Hall is a retirement reporter for MarketWatch.
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