10/16/2023

Retirees Just Got a (Small) Raise

Social Security announces a 3.2 percent COLA for 2024

U.S. retirees and government benefits recipients will get a 3.2 percent increase next year, the federal government said on Thursday, announcing its smallest annual increase in three years after beneficiaries got a boost this year to keep up with inflation.

The much-anticipated announcement of the annual cost of living adjustment (COLA) to the monthly benefits paid out by the Social Security Administration follows U.S. consumer price data on Thursday that showed a steady moderation in underlying inflation pressures.

Beneficiaries this year saw an 8.7 percent increase -- the largest increase since 1981 and the fourth biggest ever -- as the federal government moved to help more than 70 million recipients keep up with raging inflation.

Please select this link to read the complete article from Reuters.