Social Security Benefits Will Increase By 3.2% In 2024 As Inflation Moderates

WASHINGTON (AP) — The acting Social Security commissioner says a 3.2% increase in benefits next year “will help millions of people keep up with expenses.”

The increase announced Thursday is far less than this year’s historic boost and reflects moderating consumer prices.

The Social Security Administration says the average recipient will get more than $50 more per month.

The AARP estimates $59 per month. About 71 million people including retirees, disabled people and children receive Social Security benefits.

This year’s cost-of-living adjustment was 8.7%, triggered by record-high inflation pushing up costs of consumer goods.

The cost-of-living adjustments have a big impact for people like 83-year-old Louisiana resident Alfred Mason, who says “any increase is welcomed.”