Oct. 12 (UPI) — Millions of retirees, children and disabled Americans will see a 3.2% increase in their 2024 Social Security and Supplemental Security Income benefits — far less than the 8.7% increase they got this year.
The latest cost-of-living adjustment, commonly known as COLA, for Social Security benefits and SSI payments begins in December and January, respectively, and are aimed at keeping up with increased living expenses for 71 million Americans.
AARP CEO Jo Ann Jenkins said the increase represents an average of $59 more per month for retirees.
“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices. We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important,” she said.
The Senior Citizens League, a nonpartisan advocacy group, said older adults remain concerned about their finances. While the 2024 increase will be more than the average 2.6% in the previous two decades, it’s still not enough to keep pace with rising costs, the organization said ahead of the Social Security Administration’s announcement.
“In 2023, retirees received the highest COLA in 40 years (8.7%), but nobody is getting rich. The reality is that the dollar amount of the COLA increase received is meager at best, with the average monthly retiree benefit only $1,790 in 2023,” organization leaders said.
