The 2024 Social Security cost of living adjustment (COLA) increase aligns with early estimates based on inflation figures for the previous three months.
Social Security and Supplemental Security Income benefits for more than 71 million Americans will increase by 3.2% in 2024, which may push some beneficiaries into a higher income tax bracket, according to The Senior Citizens League . The cost of living adjustment increase aligns with early estimates based on inflation figures for the previous three months. Beneficiaries will see an extra $59 monthly starting in January. Increased payments to approximately 7.
Although most retirees worry that the 2024 increase won't be enough to keep up with rising costs, many are concerned that higher incomes will trigger benefit cuts, according to Many Americans are worried that their retirement savings won't keep up with inflation and doubt they'll be able to make ends meet with Social Security retirement income. Social Security benefits have lost about 36% of buying power since 2000, according to annual research by
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