Inflation Bumps Social Security Raise Slightly

On paper, Social Security recipients saw their monthly payment for next year increase 3.2% on Wednesday, because inflation rose slightly more than it had been. The Senior Citizens League adjusted its 2024 cost-of-living projection from 3% for 2024, NBC News reports. That would translate to a monthly jump of about $57, for an average payment of $1,790. The nonprofit previously warned the increase could turn out to be as low as 2.7%. None of the projections are high enough to keep seniors from falling further behind, advocates said.

Seniors are the only age group whose poverty rate rose between 2020 and 2021, the Census Bureau said Tuesday. The increase was larger last year, to 14.1% oncer government cash and noncash benefits, geography, taxes, and necessary expenses are accounted for, per USA Today. "Inflation was so severe in 2021 and 2022 that the average Social Security benefit fell behind by $1,054, leaving 53% of retirees doubting they will recover because household costs rose more than the dollar amount of their COLAs," said Mary Johnson of the Senior Citizens League. The final decision on the amount of the increase will be announced in mid-October by the Social Security Administration. (More Social Security stories.)