Social Security Benefits to Increase in 2024 Due to Inflation

Washington – Social Security benefits will increase in 2024 due to a cost-of-living adjustment (COLA). This adjustment aims to offset the effects of inflation, which has increased prices for goods and services.

The Social Security Administration (SSA) calculates the COLA annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a measure of inflation calculated by the Bureau of Labor Statistics. According to the SSA, the exact percentage increase will be announced in October, after the CPI-W data for September becomes available.

The increase will affect over 70 million Americans, including retirees, disabled workers, and their families. The exact amount of the increase will vary depending on individual circumstances and benefit levels.

Beyond Social Security, the COLA also impacts Supplemental Security Income (SSI) benefits, which provide assistance to aged, blind, and disabled individuals with limited income and resources. The SSA administers both Social Security and SSI programs.