In the last Social Security payment of 2023, recipients will receive a final sum of $4,555, marking the conclusion of the year. As we bid farewell to 2023, attention turns to the upcoming year, with anticipation building around the announcement of the 2024 increase amount. Social Security beneficiaries eagerly await the latest updates on Cost of Living Adjustments (COLA) to understand how these adjustments will impact their financial outlook in the coming year.
Photo from: CBS News
2024 COLA Update: A 3.2 Percent Increase
In the last round of 2023 Social Security checks, millions of qualifying Americans are set to receive their final payment of the year on December 27. Beneficiaries covered by the Cost of Living Adjustment (COLA) born after the 21st of the month will claim their payments, with each check amounting to up to $4,555. This marks the conclusion of the year’s disbursements, providing financial support to eligible individuals.
As the final payments for 2023 are distributed, the Social Security Administration has already announced the Cost of Living Adjustment (COLA) for 2024. The increase stands at 3.2 percent, indicating that retirees will experience an average monthly rise of $58 in the upcoming year.
In 2024, all retired workers are expected to receive an average of $1,907 monthly, while those aged 70 and above will enjoy monthly benefits totaling up to $4,873.
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Implications for Retirees: Anticipating a Boost in Monthly Benefits
With the 2024 COLA set at 3.2 percent, retirees can anticipate a boost in their monthly Social Security benefits starting next month.
This adjustment aims to keep pace with the rising cost of living, providing financial relief and support for individuals who rely on Social Security as a crucial component of their income in retirement.
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