Social Security recipients to receive 3.2% COLA increase in 2024

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Rep. Ro Khanna, R-Calif., discusses the Los Angeles school strike, fallout from Silicon Valley Bank and his proposal to make social security solvent.

Social Security benefits are set to rise by 3.2% in 2024, far below the increases that retirees received during the past two years as inflation continues to moderate, the Social Security Administration said Thursday. 

More than 66 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said. 

«Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices,» said Jo Ann Jenkins, AARP chief executive. «We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.»

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The payment boost marks a steep decline from 2023, when recipients received an 8.7% bump, the highest in four decades. However, it remains higher than the 2.6% average increase recorded over the past two decades.

An increase of this magnitude will raise the average retiree benefit of $1,706 by about $54 per month. 

But even with the payment increase, retirees say they are still struggling to keep up with persistently high inflation. 

A recent survey conducted by the Senior Citizens League found that 68% of retirees reported that their household expenses remain higher than one year ago, even though inflation has eased. They said this situation has persisted over the last year.

In this photo illustration, a Social Security card sits alongside checks from the