The cost of living increase significantly less than the previous fiscal year.
Social Security will increase their Supplemental Security Income (SSI) benefits by 3.2 percent for the 2024 fiscal year, a significantly smaller increase compared to the 8.7 percent offered to retirees in 2023. The agency makes a cost-of-living adjustment (COLA) to SSI benefits every year to accommodate the rate of inflation, and Social Security estimates that 2024’s COLA represents an additional $59 per month for SSI recipients.
The nonpartisan advocacy group the Senior Citizens League expressed concern at the smaller COLA, saying that it’s not nearly enough for older adults already strained financially by the climbing inflation. “In 2023, retirees received the highest COLA in 40 years (8.7%), but nobody is getting rich,” organization leaders said. “The reality is that the dollar amount of the COLA increase received is meager at best, with the average monthly retiree benefit only $1,790 in 2023.”
As the Lord Leads, Pray with Us…
- For Acting Commissioner Kilolo Kijakazi as she heads the Social Security Administration.
- For American senior citizens and others who depend on retirement benefits for income as inflation continues to increase.
Sources: NBC News, UPI
