How Much Will Your Social Security Check Really Grow in 2024?
Retirees are often talked about as though they live on a fixed income. For the most part, that's true, but there's one key part of many retirees' incomes that has the potential to increase every year. That part? Social Security. Thanks to an annual cost of living adjustment, Social Security recipients see their benefit checks adjusted upwards for inflation over time.
Beginning with their December 2023 benefits (payable in January 2024), Social Security recipients will see a 3.2% increase in what Social Security hands them each month. The typical retiree currently gets $1,844.76 from the program, so that 3.2% increase will add $59.03 , to take the total to $1,903.79.
Image source: Getty Images
Source Fool.com
