Social Security COLA in 2024 is projected to be 3.2%.
Here's Why, Though, You Probably Won't Notice the Entire Increase.
If you are retired, you have some positive news to share.
The cost-of-living adjustment (COLA) for Social Security in 2024 will be 3.2%.
Of course, that's a far less amount than the 8.7% rise that was granted in 2023.
Millions of Americans will nevertheless benefit from it.
However, you might want to hold off on celebrating too much just yet.
Yes, the following year's Social Security retirement payments will increase. Here's why it's unlikely that you'll see the entire rise, though.
Benefits from Social Security will soon increase
Let's start with the positive news: There will undoubtedly be more benefits to come.
Starting in January 2024, everyone who gets Social Security benefits will see a rather pleasant increase.