Social security checks are expected to get a little bigger next year.
The Social Security Administration announced the 2024 cost-of-living adjustment, which is much smaller than the increase beneficiaries received in 2023.But that is a big drop from the 8.7% increase beneficiaries got this year, and the change could be significant to people who live on fixed incomes.It is close, but the gap between the 2023 and 2024 Social Security cost-of-living adjustments is not the biggest ever.
, are tied to inflation and designed to help benefits for those on fixed incomes keep up with rising prices. If inflation exists, the COLA can increase the size of benefits; if deflation exists, benefits will be unchanged the following year.The biggest change ever was from 2008 – when benefits increased 5.8% – to 2009 when the recession hit and there was no increase. That is slightly greater than the difference announced by the Social Security Administration that will take effect in 2024.
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