All articles tagged with #benefitsincrease
The Social Security Administration has announced a 3.2% cost-of-living adjustment for social security benefits in 2024, resulting in an average increase of over $50 per month for recipients. This marks the third consecutive year of increases due to inflation, although the 2024 adjustment is smaller than the previous two years.
Social Security and Supplemental Security Income (SSI) recipients in the United States will see a 3.2% increase in their benefits in 2024 due to a cost-of-living adjustment. This increase is designed to help beneficiaries cope with rising expenses amid inflation. The average monthly increase will be over $50, with the payment schedule based on the recipient's birth date. This marks the third consecutive year of benefit increases following a 8.7% raise in 2023 and a 5.9% raise in 2022. The first payments with the new increase began in January, with SSI recipients receiving their adjusted benefits on December 29 due to the New Year holiday.