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Social Security Benefit increases for 2024: What beneficiaries can expect

In March, approximately 66.4 million people received Social Security benefits. The vast majority of these beneficiaries are retirees.

The announcement of the annual cost-of-living adjustment (COLA) by the Social Security Administration during the second week of October is the most significant event for retirees.

Highest Annual Benefit Increase Since 1982

In 2023, the monthly benefits of Social Security’s 66.4 million beneficiaries experienced a historic increase. Since 1982, the 8.7% cost-of-living adjustment they received was the highest annual percentage increase.

It represents the largest payout increase in nominal dollars since payouts began in 1940. This year, the average monthly pension check increased by roughly $146.

This year’s increase in the program’s cost-of-living adjustment is primarily due to 2022’s historically high inflation. The substantial increase in benefits in 2023 was the result of rapidly escalating oil and natural gas prices and a significant increase in food and housing expenses.

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Beneficiaries’ Expected Raise In 2024 Decreases

In March, approximately 66.4 million people received Social Security benefits. The vast majority of these beneficiaries are retirees.


In response to this significant increase in the cost of goods and services, the Federal Reserve has raised interest rates at the fastest rate in over four decades. 

While these measures have begun to reduce the current rate of inflation, the expected “raise” that beneficiaries will receive in 2024 is decreasing.

The U.S. Bureau of Labor Statistics released the Consumer Price Index Summary for April a little over three weeks ago. This report revealed that the CPI-W rose 4.5% over the past year, which is significantly lower than the 8.7% COLA passed along this year.

The Senior Citizens League (TSCL), a nonpartisan senior advocacy organization, predicts that the cost-of-living adjustment for 2024 will be less than 3 percent, compared to 2018. How would a 3 percent change in the cost of living affect the typical recipient? The average retiree’s monthly benefit would increase by $55 as a result.

Similarly, long-term disabled workers and survivors can anticipate a monthly payment increase 

of $45 and $43, respectively. Keep in mind that these projections assume a 3% COLA, whereas TSCL appears to be forecasting a COLA of less than 3% for 2024.

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