According to the Senior Citizens League, the cost-of-living adjustment for Social Security claimants in 2024 is going to be considerably less than it was in 2023.
Social Security’s forecasts indicate that benefits will rise by 3% in 2024. The cost-of-living adjustment for 2024 is going to be announced by the Social Security Administration in October. Then, 2 months later, the hikes would go into effect.
The $1,787 average monthly payout would rise by around $53 at 3%.
The Social Security Administration boosted 2023 payouts by 8.7% in December 2022, the last time there was a cost-of-living adjustment. The Social Security Administration’s cost-of-living adjustment for 2023 was the largest since 1981.
The average yearly cost of living rise over the past ten years has been 2.55%.
According to the Social Security Administration, professional and salaried workers in metropolitan areas receive their cost-of-living adjustments based on the consumer price index. Each month, the Bureau of Labor Statistics publishes information about the customer price index. The consumer price index has increased by 4% since June of last year.