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2024 Social Security increase drops, but still sits above average

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  • Staff Report 

The Social Security Administration has confirmed a 3.2% cost of living adjustment for 2024.

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This increment will enhance the average beneficiaries’ earnings by approximately $50, shifting monthly benefits from $1,848 to $1,907, effective December 29, 2023.

Kilolo Kijakazi, the acting commissioner of Social Security, emphasized that the increase would aid countless individuals in managing their expenses.

This adjustment corresponds with the Consumer Price Index for Urban Wage Earners and Clerical Workers from July to September.

Bureau of Labor Statistics data indicates a rise of 2.6% in July, 3.4% in August, and 3.6% in September for the CPI-W. Though the upcoming boost is notably less than the 8.7% from 2023, it surpasses the 2.6% average. AARP Chief Executive, Jo Ann Jenkins, remarked on the significance of the augmentation, especially as seniors grapple with heightened expenses for essentials like groceries and fuel.



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