It's official. On Thursday, the Social Security Administration (SSA) announced that benefits will increase by 3.2% in 2024. Next year's Social Security cost-of-living adjustment (COLA) will be much smaller than the 8.7% bump in 2023. However, it will nonetheless help the federal program's recipients cope with the rising costs of products and services.

But just how much extra money will beneficiaries receive? Here's exactly how much the average Social Security payment will be in 2024.

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Source Fool.com