Social Security Benefits to Increase 3.2% in 2024, Providing Retirees Some Relief from Inflation

Social Security recipients will receive a 3.2% cost-of-living adjustment (COLA) in 2024, raising the average retiree benefit by about $59 per month.

The COLA aims to help recipients keep up with rising prices, though many still feel the sting of high grocery and gas costs.

The average monthly payment for retired workers will climb from $1,841 to $1,900 next year due to the COLA.

Notices detailing new benefit amounts will be mailed and available online through the My Social Security portal in December.

To calculate your new monthly payment, multiply your current benefit by 1.032. For example, $1,567 x 1.032 = $1,617.