Social Security recipients to see bigger checks this month
Newsy
Nearly 1 in 5 Americans get a check from Social Security. Those recipients are set to see a bump in their monthly payments.
About 66 million Social Security beneficiaries will get the 3.2% cost-of-living adjustment starting this month. The cost-of-living adjustment is to help recipients keep pace with inflation. As of the November 2023 consumer price index, the price of consumer goods and services increased 3.1% for the year.
Recipients will average about $50 more in benefits per month.
Nearly 7.5 million people receiving Supplemental Security Income got the adjustment starting Dec. 29.
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, acting commissioner of Social Security.
But some experts have said Social Security has failed to keep up with actual costs incurred by recipients.
