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.

"Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices," said Jo Ann Jenkins, CEO of AARP. "We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important. Social Security has been the foundation for financial security for hundreds of millions of people in our nation, and today's announcement shows that it's continuing to deliver on this promise."