Beginning in 2024, you will receive a larger Social Security payout. Because of the high rate of inflation, recipients are receiving a 3.2% increase in their cost of living adjustment. Additionally, this month will see the first enhanced COLA payment for SSI recipients.
The Social Security Administration establishes the annual cost-of-living adjustment for benefits received from Social Security. The Consumer Price Index for Urban Wage Earners and Clerical Workers’ percentage rise from the 3rd quarter of the prior year to the current year is the basis for calculating the COLA.
Social Security benefits will rise by 3.2% as a result of the COLA hike. According to the Social Security Administration, that could end in an over $50 increase in average monthly benefits. Depending on the beneficiary groups, these are the average additional payments for 2024.