In contrast to this year’s remarkable surge, millions of Social Security beneficiaries are set to see a more moderate 3.2% increase in their benefits for 2024, aligning with the stabilization of consumer prices.
Text “DCnews” to 52140 For Local & National News Sent Directly To You!
The Cost-of-Living Adjustment (COLA) will result in the average recipient receiving an additional $50 or more per month, starting in January, as stated by the Social Security Administration.
RELATED: What You Need To Know About Social Security Benefits Even Before You’re Old Enough For Them
This change comes on the heels of an extraordinary 8.7% benefit increase this year, driven by 40-year-high inflation rates, which significantly impacted the cost of consumer goods. However, with the gradual easing of inflation, the forthcoming annual increase is noticeably smaller.
source: The DMV Daily
READ MORE:
- Radio One DC’s Going Purple In May To Help Raise Awareness & Find A Cure For Lupus [Show Your Support Here]
- Trump Fined Multiple Violations Of Gag Order; Judge Says Jail Is Likely Next
- Xavier University Set To Become 5th HBCU With A Medical School
- President Joe Biden Signs TikTok Ban Bill
- Praise 104.1 Is A Candidate For The Stellar Awards ‘Top Market of the Year’! [2nd Round Ballot Vote Here]
- For The Culture: First Black Owned Private Rocket Company Aims To Bring More Black People To Space Industry
- Black People Experienced Botched Lethal Injections At Higher Rates, New Study Finds
- Man Sets Himself on Fire Outside Trump NYC Trial
- Marjorie Taylor Greene Called Out For “Hypocrisy” On Nazis By Maxwell Frost
- Grammy-Award Winning Singer Mandisa Passes Away At 47
Get Breaking News & Exclusive Content in Your Inbox:
Social Security Recipients Set To Get A Cost of Living Boost In 2024 was originally published on woldcnews.com