The Social Security Administration announced a 3.2% increase in benefits in 2024.

The increase is expected to give over 70 million Americans an average of $50 more per month, starting in January. Cost of Living Adjustments (COLA) are periodically issued to reflect the rising costs of living, due to such factors as inflation.

INFLATION RISES TO 2.2% IN SEPTEMBER IN PRODUCER PRICE INDEX, DRIVEN BY ENERGY COSTS

“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” Kilolo Kijakazi, Acting Commissioner of Social Security, said.