2024 Cost-of-Living Adjustment (COLA)
Social Security recipients will get a 3.2 percent increase in their monthly payments next year. This announcement from the Social Security Administration (SSA) was made public on October 12th.
The 2024 cost-of-living adjustment (COLA) marks a big drop from 2023 year’s increase of 8.7 percent. Much of the decrease is attributed to a considerable cooldown of inflation over the past 12 months.
Starting in January 2024, the average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907. According to the SSA. The average disability benefit will increase from $1,489 to $1,537.
“Retirees, and seniors, 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,” AARP Chief Executive Officer Jo Ann Jenkins said in a statement following the announcement. “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”
The COLA will be applied to veterans’ benefits and retirement pay as well as Social Security payments.
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John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions.
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