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/