Seniors will see a smaller boost in the cost of living adjustments for 2024. Benefit checks in the coming year will get a 3.2 percent increase, affecting over 71 million people, announced by the Social Security Administration Thursday. This adjustment will begin with payments to over 66 million Social Security beneficiaries in January, with around 7.5 million recipients seeing increased payments starting December 29, 2023.
According to the AARP, this increase is $59 more monthly.
Furthermore, the taxable maximum will increase to $168,600, an 8,000 dollar jump from last year.
The Associated Press reported that the president of the National Association of Registered Social Security Analysts said, “Compared to last year’s 8.7% increase, this is going to feel small, and the perception is that it’s not keeping up with the inflation and the higher costs that retirees are still seeing.”
On top of that, an anticipated increase in Medicare premiums for 2024 will further chip away at the Social Security cost-of-living bump.
