Thursday, June 13, 2024

Retirement: Will Social Security get a bump? Seniors may be disappointed.

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Retirement

Thu Jun 13 2024

Will Social Security get a bump? Seniors may be disappointed.

If an inflation adjustment ends up at 3% for Social Security benefits, some payments could go up in 2024 by about $55 a month. The average monthly benefit for all retired workers is $1,827 after the cost-of-living adjustment this year, according to the Social Security Administration.

The estimate for Social Security's 2025 cost-of-living adjustment (COLA) dips as inflation cools in May.

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