As per the latest updates, Social Security and Supplemental Security Income will rise in 2024.
The Social Security Administration (SSA) makes an increase in payments to beneficiaries through the COLA.
Over 71 million Americans Social Security and Supplemental Security Income will rise by 3.2% in 2024.
The increase in the Cost of Living Adjustment is calculated based on the Consumer Price Index.
According to the Social Security Administration (SSA), the increase in the COLA for 2024 will be 3.2%.
The average payment for a retired worker will rise from $1,848 to $1,907 per month.
benefit for retired couples will increase from $2,939 to $3,033.
The maximum benefit will have an increase from $4,555 to $4,873.
Learn How to receive up to $4,873 a month from Social Security in 2024.