Rep. Ro Khanna, R-Calif., discusses the Los Angeles school strike, the Silicon Valley Bank fallout and his proposal to make Social Security solvent.
Social Security recipients will benefit from a much smaller cost of living adjustment in 2024, as inflation continues to moderate from the breakneck pace seen last year.
Starting in January, more than 71 million Americans receiving Social Security will see their checks increase by 3.2%, the Social Security Administration announced last week.
“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them cope with rising prices,” said Jo Ann Jenkins, executive director of the AARP. “We know older Americans still experience challenges when buying groceries and gas, making every dollar important.”
INFLATION INCREASES MORE THAN EXPECTED IN SEPTEMBER AS HIGH PRICES PERSIST
An increase of this magnitude will increase the average retiree benefit by about $59 per month to $1,907.
FED SKIPS AN INTEREST RATE HIKE, BUT HIGH MORTGAGE RATES COULD BE HERE TO STAY
However, the Social Security program provides benefits to several groups, including retirees, disabled workers, and survivors of deceased workers – meaning the average payment can vary widely.
For example, retired workers would likely see the largest increase in their benefits, with the average monthly check increasing from $1,841 to $1,900 next year. Spouses of workers would get the smallest pay increase, with monthly payments rising from about $888 to $916 in 2024.
The SSA will provide notices by mail and online through the My Social Security portal that include your new monthly benefit for next year in December. The notices will indicate your current or expected future benefits based on your retirement age and employment history.
In this photo illustration, a Social Security card sits next to U.S. Treasury checks on October 14, 2021 in Washington, DC. (Kevin Dietsch/Getty Images/Getty Images)
In the meantime, you can calculate the increase in payments yourself.
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To do this, simply multiply your current benefit amount by 0.032 to determine how much your monthly payment could increase.
For example, if you receive an average monthly payment of $1,567, you would multiply that amount by 0.032 to determine that your checks will increase by approximately $50 per month next year.
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