Social Security Benefits to Increase 3.2% in 2024, But Advocates Say It's Not Enough to Offset Inflation

Social Security recipients will get a 3.2% cost-of-living adjustment for 2024, increasing the average monthly payment by $59 to $1,907.

The smaller increase reflects cooling inflation compared to the past two years when benefits rose 8.7% and 5.9%.

Recipients say the boost provides some cushion but doesn't fully cover rising costs of food, healthcare, and utilities.

Advocates say Social Security hasn't kept pace with inflation, losing 36% of buying power since 2000.

Bigger COLAs could hurt some lower-income seniors by pushing them above thresholds for food stamps and other assistance programs.