Economics

This News Could Mean Bigger Social Security Payments in 2024

Don’t expect another 8.7% benefit increase, but January’s inflation numbers make it likely seniors will get a little something extra next year.

One of the best things about Social Security is that its payments are designed to keep up with inflation. Annual cost-of-living adjustments (COLAs) ensure that those receiving benefits get a boost to their monthly payments each January in order to preserve the benefit’s purchasing power.

Source: https://www.fool.com/retirement/2023/02/15/news-bigger-social-security-payments-2024/

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