In 2024, Social Security benefits are scheduled to receive a 3.2% cost-of-living adjustment (COLA). The recipients will receive a small increase in income, which is the greatest obvious benefit. The average retired worker, for example, will get an extra $59 a month in 2019.
Comparably, the most evident drawback is that in 2023 beneficiaries received a substantially larger wage increase. This year, the average retired worker earned an extra $146 a month.
Still, there are more benefits and drawbacks to the 2024 COLA. In addition to the negative news about the buying power of payments, retirees should weigh the positive news about possible reductions in Social Security payouts.