Social Security Benefits to Increase 3.2% in 2024, Far Below 2023's Historic Rise

Social Security recipients will receive a 3.2% cost-of-living adjustment in 2024, significantly lower than 2023's 8.7% increase.
The average monthly retirement benefit will rise to about $1,907, adding over $50 per month starting in January.
The annual adjustment aims to help offset rising inflation and preserve recipients' purchasing power.
Some advocates argue the COLA formula doesn't accurately reflect seniors' higher healthcare costs.
The smaller 2024 COLA reflects easing inflation after last year's 40-year high price increases.