2024 Social Security COLA Increase: What Retirees Need to Know
TL;DR Summary
Social Security beneficiaries can expect a 3.2% increase in their monthly checks in 2024 due to inflation. The exact amount will be determined in October 2023, but based on current projections, the average increase for retirees will be $58, for workers with disabilities $47, for senior couples $95, for widows/widowers $55, and for widows/widowers with two children $113. The COLA increase will be reflected in January 2024 payments, with the specific date depending on the recipient's birth date and when they started receiving benefits.
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