One of the few silver linings of high inflation in recent years is that Social Security recipients enjoyed substantial cost-of-living adjustments. Because of recent reductions in the inflation rate, however, this will not be the case in 2024.
The Social Security Administration announced today that starting in January, the average monthly Social Security check for retired workers will rise 3.2%, or $59, to $1,906. The annual increase is based on a Labor Department measure of what Americans paid for everyday items from July through September compared with a year ago.
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