Senior citizens who receive social security benefits could see a much smaller raise in 2024.

<div class="block">Senior citizens who receive social security benefits could see a much smaller raise in 2024.</div>

Stretching Your Dollar

Social Security Will See Smaller Increase in 2024

Ok. Well, we always talk about inflation here. And senior citizens who receive social security benefits could see a much smaller raise next year as inflation does take a little bit lower. The pace of prices that is prices are still rising. So retirees are expected to receive a 3% cost of living adjustment in 2024 about $55 more in their monthly checks. Well, that's in stark contrast to the 8.7% increase the beneficiaries received in 2023 does seem to be consistent with inflation, certainly a benefit just to have that uptick at all. But something obviously that you want to budget for in retirement.