2024 Inflation Rate For Social Security. Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent cola for social security beneficiaries. Social security benefits will increase by 2.5 percent beginning with the december 2024 benefits, which are payable in january 2025.
The social security administration’s annual cost of living adjustment for 2024 is 3.2%, reflecting a more moderate rate of inflation than the price jumps that necessitated last. According to the newest estimate from the senior citizens league (tscl), a nonpartisan senior advocacy group, social security’s cola is on pace to rise by just 2.7% in 2024, based on extrapolated.
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