A Social Security increase is occuring for beneficiaries, who can expect a 3.2 percent boost in their monthly payments for the upcoming year. This is according to the Social Security Administration’s (SSA) announcement on October 12.
The cost-of-living adjustment (COLA) for 2024 represents a significant decrease from this year’s notable increase of 8.7 percent, reflecting a substantial reduction in inflation over the past 12 months.
Commencing in January, the Social Security Administration (SSA) has revealed that the average monthly retirement benefit will see a welcome increase of $59, soaring from around $1,848 to $1,907. Simultaneously, the average disability benefit will experience a rise from $1,489 to $1,537.
It’s important to note that the cost-of-living adjustment (COLA) will have a broader reach, encompassing not only Social Security payments but also extending to veterans’ benefits and retirement pay.
