Social Security recipients will get a 3.2% increase in their benefits
DORAL, FL – Social Security recipients that have benefits, such as retirees, disabled people and children will receive a 3.2% increase in these in 2024.
The rise announced on Thursday is far less than this year’s increase by 8.7% brought on by record 40-year-high inflation that elevated the price of consumer goods, according to the AP. However, with the decrease of inflation, the next annual increase is greatly smaller for the approximately 71 million people that receive benefits.
“Compared to last year’s 8.7% increase, this is going to feel small, and the perception is that it’s not keeping up with the inflation and the higher costs that retirees are still seeing,” said Martha Shedden, president of the National Association of Registered Social Security Analysts, to the AP.
In addition, an anticipated increase in Medicare premiums for 2024 is expected to reduce the Social Security cost-of-living bump. The media report indicates Medicare hasn’t pronounced about the increase for traditional Medicare but said the cost of Medicare Advantage plans is expected to remain stable.
“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,” AARP CEO Jo Ann Jenkins said. “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”
The new increase for Social Security recipients regarding cost-of-living adjustment, or COLA, means the average recipient will get more than $50 every month beginning in January, the Social Security Administration said Thursday. The AARP estimated that increase at $59 per month.
“This will help millions of people keep up with expenses,” said Kilolo Kijakazi, Social Security’s acting commissioner, according to AP report.
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