Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year’s record-setting increase

The Social Security Administration has announced a 3.2% cost-of-living adjustment for 2024.

These benefit adjustments are made annually to help benefits keep place with inflation. Recipients will see the increase reflected in their January checks. 

The 2024 benefit increase is much lower than record 8.7% cost-of-living adjustment Social Security beneficiaries saw this year, the biggest boost in four decades in response to record high inflation. It is also lower than the 5.9% cost-of-living adjustment for 2022. 

The 3.2% increase is in line with an estimate released last month by The Senior Citizens League, a nonpartisan senior group.

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