It’s a done deal. On Thursday, the Social Security Administration (SSA) revealed that payouts will rise by 3.2% in 2024. The cost-of-living adjustment (COLA) for Social Security in 2019 will be considerably less than the 8.7% increase in 2023. However, it will still assist those utilizing the federal program in managing the rising cost of goods and services.
But what quantity of extra cash will the recipients get? The typical Social Security benefit in 2024 will be precisely the same amount.
Social Security retirement benefits are received by about 49.7 million older Americans. With 74.5% of all beneficiaries falling into this category, they are by far the largest group of Social Security recipients.
The average monthly pension for retired employees in August 2023 was $1,840.27. Benefits from the 3.2% COLA in 2024 will increase by $58.89 every month on average. The total now stands at $1,899.16 each month, or $22,789.92 annually.