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\nMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year\u2019s historic boost and reflecting moderating consumer prices.<\/p>\n
\nMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year\u2019s historic boost and reflecting moderating consumer prices.<\/p>\n
The cost-of-living adjustment, or COLA, means the average recipient will receive more than $50 more every month beginning in January, the Social Security Administration said Thursday. The AARP estimated that increase at $59 per month.<\/p>\n
About 71 million people including retirees, disabled people and children receive Social Security benefits.<\/p>\n
Thursday\u2019s announcement follows this year\u2019s 8.7% benefit increase, brought on by record 40-year-high inflation, which pushed up the price of consumer goods. With inflation easing, the next annual increase is markedly smaller.<\/p>\n
On top of that, an anticipated increase in Medicare premiums for 2024 will eat into the Social Security cost-of-living bump.<\/p>\n
Medicare hasn\u2019t announced the increase for traditional Medicare, but said the cost of Medicare Advantage plans is expected to remain stable.<\/p>\n
Social Security is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to Social Security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023.<\/p>\n
Retirees whose sole income comes from Social Security are not subject to taxes on that income.
\nSource: AP<\/p>\n","protected":false},"excerpt":{"rendered":"
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