Social Security COLA 2024: How many people in the US will benefit from the increase?
Tens of millions of Social Security beneficiaries who receive monthly checks will see an increase in their payments due to the rising cost of living.
Starting in January 2024, all beneficiaries who receive monthly checks from Social Security will have an increase in the amount they receive, as part of a process of adaptability to increasing costs and needs.
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COLA increase set at 3.2%
The Biden administration recently announced a 3.2% increase through the system known as COLA (Cost of Living Adjustment). This will mean an increase of an average of close to $50 per month per person in their Social Security payments.
The Social Security Administration has confirmed that more than 71 million people will benefit from this increase. Some of them will do so as early as December, specifically all those enrolled in the Supplemental Security Income program (SSI).
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The people who will benefit most from the increase
According to the final increases published on the Social Security website itself, the checks to retired workers will be the ones that will show the greatest difference between former and adjusted payments, followed closely by elderly couples and widowed mothers with children.
All widowed elderly men and women and disabled workers are also among the major beneficiaries. All recipients will receive a notification of this percentage change before the end of the year, with the detailed characteristics of each of the changes that will be implemented.