June Update: What Kind of Raise Could Social Security Retirees Get in 2024?
Retirees claiming Social Security got a bigger-than-normal bump to their benefits this year thanks to the program's annual cost-of-living-adjustment (COLA), which is determined by inflation. Some of the highest levels of inflation seen in four decades during 2022 led to an 8.7% increase in benefits this year, which also happens to be the largest raise retirees have seen in about four decades.
This pushed the average monthly benefits check of retired workers up to nearly $1,835, or $22,020 annually, according to April data. With the year now approaching the halfway mark, let's take a look at how the COLA adjustment and potential raise is shaping up for Social Security retirees in 2024.
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Source Fool.com
