The exact cost-of-living adjustment, or COLA, for 2024 will be revealed in the fall but, according to the nonpartisan Senior Citizens League, the increase could be as much as 10.5%. That amount of increase would raise the average retiree benefit by $175.10 a month.
According to the Social Security Administration, the average monthly benefit as of June is $1,542.22. A 10.5 increase would be the first time a COLA has reached double digits since 1982 when it hit 11.2%. In 2022, Social Security recipients received a 5.9% COLA, a substantial increase from the previous two years.With much of the expected COLA eaten away by inflation and Medicare premiums, some lawmakers want to put more money in the pockets of Social Security beneficiaries.introduced the Social Security Expansion Act on June 9.
Under the terms of the bill, Social Security recipients would receive a monthly check of $200 – an annual increase of $2,400. The bill would boost benefits for the lowest income earners who currently receive about $900 a month through the Special Minimum Benefit program. Under the legislation, it would be adjusted about 125% of the federal poverty line, or about $1,400 a month.
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