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Lake Elsinore, CA, USA - October 14, 2023: Close up of old and new SSN cards

Source: Richard Stephen / Getty

In contrast to this year’s remarkable surge, millions of Social Security beneficiaries are set to see a more moderate 3.2% increase in their benefits for 2024, aligning with the stabilization of consumer prices.

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The Cost-of-Living Adjustment (COLA) will result in the average recipient receiving an additional $50 or more per month, starting in January, as stated by the Social Security Administration.

RELATED: What You Need To Know About Social Security Benefits Even Before You’re Old Enough For Them

This change comes on the heels of an extraordinary 8.7% benefit increase this year, driven by 40-year-high inflation rates, which significantly impacted the cost of consumer goods. However, with the gradual easing of inflation, the forthcoming annual increase is noticeably smaller.

source: The DMV Daily

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