There will be a 3.2% increase in Social Security income to begin in January, 2025,the Easy Seniors Club website reports today (Sept.28, 2024).
The new measure will increase the average monthly retirement benefit that consumers will receive by almost $50.
These increases are known as cost--of--living adjustments (COLA).
Although $50 might not seem like much for some people, that money can help millions of people keep up with expenses, pay the bills, or take better care of their families.
The COLA increase for 2024 was calculated based on an average of the inflation figures for July, August, and September 2023, as the CPI--W increased by 2.6%, 3.4%, and 3.6% respectively.
The COLA increase will be a huge help for millions of people in the U.S., especially retirees who feel the sting when they purchase gas and groceries.
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