Retirees Just Got a (Small) Raise
Social Security announces a 3.2 percent COLA for 2024
U.S. retirees and government benefits recipients will get a 3.2 percent increase next year, the federal government said on Thursday, announcing its smallest annual increase in three years after beneficiaries got a boost this year to keep up with inflation.
The much-anticipated announcement of the annual cost of living adjustment (COLA) to the monthly benefits paid out by the Social Security Administration follows U.S. consumer price data on Thursday that showed a steady moderation in underlying inflation pressures.
Beneficiaries this year saw an 8.7 percent increase -- the largest increase since 1981 and the fourth biggest ever -- as the federal government moved to help more than 70 million recipients keep up with raging inflation.
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