More than 66 million Americans received a Social Security benefit in July, and the average payout was $1,703.98. But the program provides monthly income to four broad groups of beneficiaries, and the average payout varies widely among them.

Discrepancies notwithstanding, I'm willing to bet members of each group are wondering the same thing: How much will payouts increase after the 2024 cost-of-living adjustment (COLA) is applied to Social Security benefits?

Here are the important details.

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Source Fool.com