In 2023, Social Security beneficiaries saw a record 8.7% boost, the highest increase in four decades. That same level of increase likely won’t be seen in 2024, however.
In 2023, Social Security beneficiaries saw a record 8.7% boost, the highest increase in four decades.The Senior Citizens League
Lower inflation rates have not necessarily meant that prices have come down, TSCL said, pointing to a study that shows the oldest adults – especially those ages 85 and older - who retired before 2000, have lost 36 percent of their buying power. These retirees would need an extra $516.70 per month to maintain the same level of buying power they had in 2000.
Cost-of-living adjustments are determined using third-quarter data – July, August and September – from the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W.
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