Social Security boost: Benefits increasing by 3.2%

Millions of Americans will see their Social Security benefits increase by 3.2% beginning in 2024, officials announced Thursday.

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The over 66 million Americans who receive Social Security benefits will get more than $50 additional each month starting in January. About 7.5 million people who get Supplemental Security Income benefits will begin seeing increased payments on Dec. 29, 2023, officials said.

As consumer prices begin to moderate, the cost-of-living adjustment — or COLA — announced Thursday fell lower than the 8.7% increase Social Security recipients saw this year.

Officials said consumer prices rose by 0.4% in September, amounting to a 3.7% increase over the last 12 months before seasonal adjustment. The rising prices of shelter and gasoline were the largest contributors to the figure, according to the U.S. Bureau of Labor Statistics.

In September 2022, when this year’s COLA was announced, consumer prices were up by 8.2% over the 12 months prior, officials said.

Social Security benefits and Supplemental Security Income payments are adjusted annually based on the cost-of-living “to ensure that the purchasing power of Social Security benefits and SSI payments is not eroded by inflation,” according to officials.

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