2024 Social Security Boost for Seniors: Smaller but Clear

Social Security recipients will receive a smaller annual cost-of-living adjustment of 3.2% for 2024, reflecting lower inflation rates compared to the past two years. The increase amounts to an estimated average monthly payment rise of $59, bringing the average payment to $1,907. However, the adjustment falls short of keeping up with the rising cost of living, as inflation has caused Social Security payments to lose 36% of their buying power since 2000. Many senior citizens rely heavily on these payments, and some advocates argue for tying the annual benefit increase to an index that measures inflation experienced by the elderly.