The Social Security Administration announced today (Thursday, October 12th, 2023) that benefits will increase by 3.2% in 2024. Pay increases will begin on December 29th. This is the annual COLA, or cost of living adjustment.
SSI benefits will also increase by the same amount.
While some may argue the increase should have been greater, the acting commissioner of Social Security, Kilolo Kijazaki, noted that the increased benefit amounts will help ease the burden on millions of recipients.
This information was gleaned from an online article by Marley Jay ar NBC News on October 12, 2023