More than 71 million Social Security recipients will see their checks grow this month, as 2024 will see a 3.2% increase in payments, giving those receiving the benefit more flexibility amidst higher costs of living.
The 3.2% increase in Social Security payments comes out to more than $50 per month on average and will hit some checks this Friday.
The rise in payments is being called a cost-of-living adjustment, and the Social Security Administration says it will help recipients keep up with expenses.
2024 marks the third year in a row that inflation has caused the administration to issue an increase in benefit payments, though this year’s jump is much smaller than years prior.
In 2023, the increase was a historic 8.7%. In 2022, payments rose by 5.9%.
As of November, the average monthly Social Security benefit was $1,711 and is expected to increase as the year continues, thanks to the 3.2% rise, according to the administration.
Those who receive Social Security and Supplemental Security Income will also see an increase in their benefits. In November, the SSI benefit was about $674 and is expected to rise due to the 3.2% increase.