Social Security recipients will see an 3.2% increase to their monthly benefits in 2024, the Social Security Administration announced on Thursday. It is one of the larger cost of living increases, but smaller than this year’s, which was 8.7%, to keep up with inflation.
Annual increases are calculated with help from the Bureau of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers, which has shown a 3.6% increase in prices over the last 12 months.
The average Social Security check is $1,705.79 a month, according to the Social Security Administration; that varies depending on the type of recipient, with retirees generally making more than the overall average, which includes other types of recipients.
“Suppose you were born on Jan. 1, 1960, and had an average annual income of $50,000. As of May 2023, you would get a monthly benefit of $1,386 if you filed for Social Security at 62; $1,980 at full retirement age (in this case, 67); or $2,455 at 70,” according to Yahoo Finance.
Glad we have the money. No, wait, we don’t.
It’s not enough as to keep up with our money crazed politicians.
Well I think it is kinda low as prices continue to rise. Heard snap is getting a 12 % increase. When a Banquet pot pie costs $2.29 each when they use to be 10 for $10 not to long ago that says a lot. They need to change their formula they use to be more realistic with the cost of living.
3.2% will cover the increases in Medicare and supplemental insurance.
I guess the genius’s in D.C. think that people on social security don’t eat.
Or that we cannot do simple math…!
They have change the formula of Banquet pot pies.. a couple of scraps(fat/gristly) of meat and etc but lots of watery gravy maybe a couple pieces of corn or other veg.
It is not enough as our brain dead politicians spend as much as they can. It is way below Biden inflation.
Yahoo Finance may not know about the Windfall Elimination Provision. Almost all that you paid in to Social Security, even if you began at age 11, is a windfall in the eyes of the fed if you worked for state or municipal government for even a relatively short time. In any event, if you are or will be given the WEP haircut you really won’t care about the size of the COL increase.
This is both laughable and insulting to seniors — the TRUE annual cost of living rise currently is probably more like three times this pathetic 3.2%. Believe me, my mother, who has been collecting Social Security retirement benefits for over 25 years, really notices how short those payments are, in real spending terms, compared to 20 or 25 years ago, and comments on it regularly.
If I only get $760 on soc sec and $176 on SSI will I get an increase in 2024?
Yes
What? They aren’t putting back funds they ‘borrowed’ for WWII? Talk about paid back with interest!
Good. It will make have of my boat payment.
Davv3 and Mark are both correct. Federal and state economists dramatically understate consumer price inflation for doctrinaire and dogmatic reasons. In this time defined by an evenly split division between American voters on at least dozens of issues we should not and do not expect this current White House in particular to be truthful about anything whatsoever.
The state has about 100 economists and economic instructors on its payroll, and almost all of them are in the classified service i.e. they are in one union or another. No matter the party of the governor at the time they will not give an objective view of government over-spending and the resultant devaluation of the US dollar.
Alaskans are as guilty as any group for this inflation. We judge the people we send to Washington by how much money they bring home. Government pays for almost all health care in Alaska, and that is why it can be two to three times more than the same medical therapies cost in Seattle. Government pays for more than half of all food consumed in Alaska. Government travel supports Alaska Airlines, and Alaska Airlines rules every one of the Alaska airports it uses. So to a large degree much of Alaska consumption is decided by people who don’t care how much it costs. The idiots who keep trying to implement a state income tax see how much power our economic structure gives to government and they want even more power. Not only can we not rid ourselves of this entirely unnecessary inflation but we have no hope of even having it be reported honestly. If anyone disagrees with that I would be interested in knowing their reasoning.
I agree with your point, but your numbers are suspect.
On the other hand, gold is up almost $100 in the last week.
Well look at the bright side of this article….Not likely will you see retired Politicians complaining in the comment section.
My guess is they think retirees are overpaid reducing the amount of public money they get to spend which yields thousands in kickbacks and perks for them during their hardworking careers as public servants/skimmers.
I’m hearing $2200 a month, free medical, and housing for anyone crossing the border illegally.
If I step over the three-strand barbed wire into Mexico and return can I collect?
If our property taxes didn’t go up at many times the rate of inflation, then this would be a help. Currently, nearly half of my social security goes to property taxes. Guess we are expected to sell everything and live in shack when we can no longer work and we outlive our retirement funds. The small tax break offered by the city only helps if you live in a trailer. Makes me want to start my own 501c.
So the feds think that a miserly 3.5% COLA will be enough. Between my bills and house insurance I now have no money for property taxes. Oh yeah, food is also a problem. And I am one of the better off. Retirees have been losing ground in larger chunks since Obama first decided that we needed less than what we were getting. That’s when I had to start borrowing to meet the property taxes. It has only continued to get worse from there, especially from those friends of man, the democrats.
Outrageous retirement ages, and incrementing penalties.
Meanwhile, they only have to serve one term to receive their salary and the adjusted salaries for the rest of their lives, as of leaving office. Bunch of government thieves.
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