Here's the Average Social Security Benefit in 2024 After the 3.2% Cost-of-Living Adjustment (COLA)
The Social Security Administration issued a press release on Thursday, Oct. 12, explaining that beneficiaries will get a 3.2% cost-of-living adjustment (COLA) next year. That means the average Social Security benefit will increase from $1,705.79 in August 2023 to $1,760.30 in January 2024, representing an extra $54.51 per month for the average recipient.
However, the Social Security program provides monthly income to several different types of beneficiaries, and the average payout varies widely across those groups. Read on to learn how each group will be impacted by the 3.2% COLA, and how individual recipients can estimate their new Social Security benefit amount for 2024.
Social Security's annual COLA is calculated based on changes in third-quarter inflation. The metric used to measure inflation is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks price changes across more than 200 spending categories.
Source Fool.com
