Social security benefits are expected to jump 3.2% in 2024

The Social Security Administration made an announcement on Thursday regarding a 3.2% increase in benefits scheduled for 2024. This is applicable to the more than 70 million recipients across the country. As a result, the average monthly check for retired workers will rise to $1,907, representing a $59 increase from this year's $1,827, as reported by Forbes.

In terms of eligibility, individuals can begin receiving social security benefits starting from the age of 62. However, full benefits are only granted at the full retirement age of 66. The agency has confirmed that the increased payments will be received by those on Social Security starting from December 29.

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Kilolo Kijakazi, the acting commissioner of Social Security, expressed that the increment in Social Security and SSI benefits for 2024 will provide significant assistance to millions of people in coping with their expenses.

It is important to note that the 3.2% raise is relatively small when compared to the 8.7% cost of living adjustment in 2023. Mary Johnson, a Social Security policy analyst at The Senior Citizens League, conveyed that although the amount is modest, it does offer some level of financial comfort, and there is optimism that affordability will improve going forward.