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.
