In contrast to this year’s remarkable surge, millions of Social Security beneficiaries are set to see a more moderate 3.2% increase in their benefits for 2024, aligning with the stabilization of consumer prices.
Text “DCnews” to 52140 For Local & National News Sent Directly To You!
The Cost-of-Living Adjustment (COLA) will result in the average recipient receiving an additional $50 or more per month, starting in January, as stated by the Social Security Administration.
RELATED: What You Need To Know About Social Security Benefits Even Before You’re Old Enough For Them
This change comes on the heels of an extraordinary 8.7% benefit increase this year, driven by 40-year-high inflation rates, which significantly impacted the cost of consumer goods. However, with the gradual easing of inflation, the forthcoming annual increase is noticeably smaller.
source: The DMV Daily
READ MORE:
- Seven Ways Racism Harms Pregnant Black Women
- Rep. James Clyburn Among Notable Black Leaders Awarded Presidential Medal Of Freedom
- Tickets On Sale Now: The 16th Annual Spirit of Praise October 12th at Reid Temple AME
- North Carolina’s Anti-DEI Bill Is Detrimental To Black Maternal Health, Advocates Say
- A Michigan Cop Resigned After He Was Recorded Using Racial Slurs And Buying Drugs. Then He Got Rehired
- Latricia Hartley Demanded An Ebony Alert To Be Sent Out For Her Missing 14-Year-Old Daughter. The Request Was Denied.
- Trump Fined Multiple Violations Of Gag Order; Judge Says Jail Is Likely Next
- [LISTEN] Kendrick Lamar Fires Back at Drake with New Diss Track ‘Euphoria’
- Xavier University Set To Become 5th HBCU With A Medical School
- Flau’Jae Talks Music Career, Her BIG 3 Rappers & Why She’s Taking a Social Media Break
Get Breaking News & Exclusive Content in Your Inbox:
Social Security Recipients Set To Get A Cost of Living Boost In 2024 was originally published on woldcnews.com