Rep. Ro Khanna, R-Calif., discusses the Los Angeles school strike, fallout from Silicon Valley Bank and his proposal to make social security solvent.
Social Security benefits are set to rise by 3.2% in 2024, far below the increases that retirees received during the past two years as inflation continues to moderate, the Social Security Administration said Thursday.
More than 66 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said.
The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September.
INFLATION RISES MORE THAN EXPECTED IN SEPTEMBER AS HIGH PRICES PERSIST
“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices,” said Jo Ann Jenkins, AARP chief executive. “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”
The payment boost marks a steep decline from 2023, when recipients received an 8.7% bump, the highest in four decades. However, it remains higher than the 2.6% average increase recorded over the past two decades.
An increase of that magnitude would raise the average retiree benefit of $1,790 by more than $50 per month.
This is a developing story. Please check back for updates.
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