Social Security Benefits Get a Raise in 2024: Here's How Much Extra Income the Average Retiree Can Expect
Inflation has fallen from its peak, but many Americans are still struggling with elevated prices. The 2023 Retirement Confidence Survey from independent firm Greenwald Research found that 58% of retirees worry they will need to make substantial spending cuts to compensate for inflation, and 30% lack confidence in their ability to keep up with rising prices even if they make cuts.
Fortunately, Social Security benefits will get a raise next year. That means retired workers and other beneficiaries will receive a little extra income, which should help reduce the burden imposed by inflation. Read on to learn how the raise is calculated, and to see how much the average benefit will increase.
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Source Fool.com
